Bitcoin

Drops

Bitcoin's recent price decline has caused a significant drop in <a href="https://ultramining.com/news/en/bitcoins-rebound-above-30k-boosts-hashprice-a-4-leap-in-24-hours/">hashprice</a>, the dollar value of daily mining revenue per PH/s of computing power, bringing it close to historic lows. Over the past seven days, the average <a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">hashrate</a> fell to 569 EH/s, according to <a href="https://theminermag.com/news/2024-06-24/bitcoin-tumble-hashprice-50-ph-all-time-low/">TheMinerMag</a>. 
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As of June 24, 2024, Bitcoin's hashprice has decreased to $48/PH/s, nearing the record low of $45/PH/s set in early May after the fourth <a href="https://ultramining.com/news/en/heat-waves-and-halving-bitcoin-miners-cash-in-amid-rising-prices/">halving</a> event. This drop in hashprice is below the fleet hashcosts of several large mining operations. 
<a href="https://ultramining.com/news/en/impending-bitcoin-halving-may-trigger-major-hashrate-decline-say-experts/">Bitcoin's price</a> saw a more than 3% drop on Friday, falling below $65,000. This decline was reportedly triggered by German authorities selling seized assets. The sell-off continued through the weekend, with Bitcoin plunging to $61,000 early Monday following news that Mt. Gox would repay creditors in July. This downward trend led to the liquidation of nearly $100 million in Bitcoin long positions. 
In response to the falling hashprice, some mining operations are reducing their hashrate. Since the last difficulty adjustment on Thursday, the average block <a href="https://ultramining.com/news/en/bitcoin-miners-set-for-a-tough-ride-as-2024-halving-nears-jp-morgan/">production</a> time has increased to 10.5 minutes, indicating a decrease in total network hashing power. The average hashrate over the past three days and seven days dropped to 546 EH/s and 569 EH/s, respectively. 
If hashprice remains below $50/PH/s for an extended period, Bitcoin's mining difficulty could undergo a significant downward adjustment in about 11 days.&nbsp;&nbsp;

Bitcoin Mining Revenue Drops to Near All-Time Lows Amid Price Slump

Ultramining_Eng

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