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Bitcoin’s hash price, a crucial metric measuring miner revenue on a per terahash basis, is now near its lowest level ever recorded.
Data from Luxor Technology’s Hashrate Index <a href="https://data.hashrateindex.com/network-data/btc" target="_blank" rel="noopener nofollow">shows</a> Bitcoin’s hash price fell nearly 52% to $0.0459 per terahash second on June 24 after notching a two-month high of $0.095 on June 8. 
It was inching toward its record-low of $0.0447 set on May 1 but has bounced back to $0.0479 over the last few hours. 
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-06/90d36bae-f538-4116-9fd9-38ff6ed4cdb2.png">
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 Change Bitcoin hash price over the last 12 months. Source: Hashrate Index
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In a June 23 X post, Adam Ortolf, a developer at Bitcoin mining firm Upstream Data said “survival games” have now kicked in for Bitcoin miners.
“So far this difficulty epoch it looks like #bitcoin hashpower has fallen off a cliff,” said Ortolf, who believes miners are “enduring serious pain” with the hash price hovering around $0.05 TH/s.
<figure>
 <img src="https://s3.cointelegraph.com/uploads/2024-06/78f04523-744a-40da-8959-e51d7eef8850.png">
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 Source: <a href="https://x.com/denverbitcoin/status/1804971951326158910" target="_blank" rel="noopener nofollow">Adam Ortolf</a>
 </figcaption>
</figure>
Fortunately, most Bitcoin mining machines remain profitable under current conditions, <a href="https://x.com/MitchellHODL/status/1805297509234774234" target="_blank" rel="noopener nofollow">according</a> to Mitchell Askew, head analyst at Blockware Solutions. 
Hash price is largely determined by the Bitcoin (<a href="https://cointelegraph.com/bitcoin-price">BTC</a>) price, miner rewards and mining difficulty — and all three of those metrics have plummeted in recent weeks.
Related: <a href="https://cointelegraph.com/news/bitcoin-miners-hash-rate-ribbon-indicators-james-check-crypto-analyst">Bitcoin miners are treading water, but no alarms of a ‘total firesale’</a>
Bitcoin’s price is down 6.8% over the last week to $60,590 — with <a href="https://cointelegraph.com/news/crypto-fear-greed-index-falls-18-month-low">market sentiment falling</a> on news of <a href="https://cointelegraph.com/news/mt-gox-trustee-start-bitcoin-bitcoin-cash-repayments">Mt. Gox’s plans to sell $8.6 billion</a> worth of Bitcoin to creditors and outflows from United States spot Bitcoin exchange-traded funds over the last two weeks. 
Meanwhile, Bitcoin miner rewards have been impacted by the <a href="https://cointelegraph.com/news/bitcoin-halving-2024-completion-confirmed">fourth Bitcoin halving</a> since April 20, which <a href="https://cointelegraph.com/learn/bitcoin-halving-how-does-the-halving-cycle-work-and-why-does-it-matter">sliced the block subsidy</a> from 6.25 BTC to 3.125 BTC — worth $188,800 at current prices.
The <a href="https://cointelegraph.com/explained/how-long-does-it-take-to-mine-1-bitcoin">network mining difficulty</a> — the degree of difficulty to mine a block — is also down 5% to 83.68 trillion hashes after notching a record-high on April 25.
A large Bitcoin sell-off has been coming from miners too. 
Bitcoin miner reserves <a href="https://cointelegraph.com/news/bitcoin-miner-reserves-lowest-14-years">plummeted to 1.90 million</a> Bitcoin on June 19, the lowest level in Bitcoin terms in over 14 years. 
Magazine:<a href="https://cointelegraph.com/magazine/bitcoin-layer2-sidechains-not-really-bitcoin-l2s/"> ‘Bitcoin Layer 2s’ aren’t really L2s at all: Here’s why that matters</a>

‘Survival games’ as Bitcoin hash price skirts near all-time low

Cointelegraph

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