Falling Bitcoin Hashprice and Revenues Trigger Major Miner Exodus
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Bitcoin miners are struggling as the network sees an exodus due to falling prices and declining revenues. Over the past week, Bitcoin's price has decreased by 5%, reducing miners' earnings as hashprice— the estimated daily value of 1 petahash per second (PH/s)—dropped to levels not seen since May. Currently, hashprice is just above $47 per PH/s. Miners earn between 0.076 BTC and 0.16 BTC per block in fees, much lower than a few months ago. As of June 29, Bitcoin mining revenue for June stands at $914.43 million. The declining hashprice has pressured miners, causing the total network hashrate to drop to just below 560 EH/s. Recent slight difficulty adjustments have not offset the broader trend, and forecasts suggest a potential difficulty reduction of between 4.6% and 7.3%. Despite a minor improvement in fee income in June, the persistent decrease in hashprice has led to a significant reduction in the network's total hashrate.
Source: ultramining.com ↗
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