United

Bitcoin

April

Change

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">
 <figcaption style="text-align: center;">
 Change Bitcoin hash price over the last 12 months. Source: Hashrate Index
 </figcaption>
</figure>
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">
 <figcaption style="text-align: center;">
 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

25 Haz 2024 tarihli diğer yazılar

Solana’s New Features Enable On-Chain Transactions Across the Web

Solana Eyes $200 Rebound As New Adoption-Driving Technology Debuts

Toncoin heats up: What does $398M in trading volume indicate?

This Altcoin’s Value Pumped After WikiLeaks Founder’s Release

Ethereum (ETH) Price Prediction for June 25

Why These Coins Are the Next Investment Goldmine

Güncel kripto para haberleri için ücretsiz bültenimize abone olun!