Bitcoin’s hashprice, or the anticipated value of 1 petahash per second (PH/s) of hashing power per day, has plummeted to a historic low. According to Luxor’s hashprice index, at 6 a.m. EDT on July 4, 2024, the price per petahash dropped to $44.842 per PH/s. The dollar value of daily mining revenue per petahash of hashing power is creating significant challenges for bitcoin (BTC) miners. Despite the decrease in earnings, the seven-day simple moving average metric for Bitcoin’s overall hashrate indicates that computational power has increased from 556 exahash per second (EH/s) to 578 EH/s. The declining hashprice amplifies the financial pressure on bitcoin miners, especially smaller operations. As revenue per petahash falls, these smaller miners face growing difficulties in maintaining profitability.
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