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A crucial indicator of miner income per terahash, bitcoin’s hash price has reached its lowest ever recorded level. After reaching a two-month high of $0.095 on June 8, data from Luxor Technology’s Hashrate Index showed that Bitcoin’s hash price dropped over 52% to $0.0459 on June 24. It approached its lowest point of $0.0447 established on May 1, however it has since somewhat recovered to $0.0479.
Challenges for Miners’ Survival
Development manager Adam Ortolf of the Bitcoin mining company Upstream Data underlined the difficulties miners are having. Ortolf said in a June 23 X post, “So far this difficulty epoch it looks like #bitcoin hashpower has fallen off a cliff, suggesting that miners are enduring severe difficulties with the hash price around $0.05 TH/s.”
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Mitchell Askew, lead analyst at Blockware Solutions, said most Bitcoin mining equipment stay profitable despite the challenging environment. Bitcoin’s price, mining difficulty, and miner payouts all affect the hash price; all of these have declined recently.
Variables Influencing Hash Price
Negative market mood resulting from Mt. Gox’s intentions to sell $8.6 billion worth of Bitcoin to creditors and withdrawals from U.S. spot Bitcoin exchange-traded funds has caused Bitcoin’s price to drop by 6.8% over the previous week to $60,590. The fourth Bitcoin halving on April 20 also affected miner incentives as it lowered the block subsidy from 6.25 BTC to 3.125 BTC, presently valued at $188,800.
Following a record-high on April 25, the network mining difficulty—which gauges how hard it is to mine a block—also dropped 5% to 83.68 trillion hashes. For Bitcoin miners, these elements have combined to cause more stress.
Mineral Reserves and Market Effects
Miners have been significantly selling off Bitcoins. On June 19, miners reserves dropped to 1.90 million Bitcoin, the lowest level in more than 14 years. Along with the lower hash price, this drop in reserves has made mining more difficult and resulted in what Ortolf calls “survival games.”
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