Hashprice Near Critical Level, Bitcoin Miners Feel the Squeeze: Report
The post Hashprice Near Critical Level, Bitcoin Miners Feel the Squeeze: Report appeared com. Bitcoin’s mining sector is under mounting pressure as the hash price, the industry’s key profitability metric, slips toward levels that could force smaller operators offline and strain the wider supply chain. Hash price, which measures expected daily revenue per unit of computational power, is currently around $42 per petahash per second (PH/s). The metric has been in steady decline since July, when it surged above $62 per PH/s. The push toward the $40 level leads Bitcoin mining operations, which are already facing razor-thin profit margins, to consider shutting down their rigs, according to TheMinerMag. The decline in hash price is also affecting the mining supply chain. Hardware providers are filling fewer orders to struggling miners and are also taking a hit on any BTC-denominated sales due to the drop in price after the October market crash, the report said. Hash price plummets and nears a critical level. The razor-thin profit margins, high capital expenditure on upgrading hardware and rising energy costs have caused many Bitcoin miners to pivot to AI and high-performance computing data centers to generate revenue as Bitcoin mining becomes more competitive. Related: US energy secretary floats faster direct grid access for AI and crypto miners Miners pivot to AI amid constantly increasing hashrate Bitcoin miners are guaranteed to have their rewards slashed by 50% every four years during the Bitcoin halving, as the computational power and electricity needed to mine blocks continue to climb. The Bitcoin network hashrate continues to climb and has broken past 1 zetahash per second (ZH/s).
