The value of Bitcoin's daily mining revenue has reached a historical low, posing significant challenges for miners in the industry. Luxor's hashprice index reveals that on July 4, 2024, at 6 a.m. EDT, the price per petahash (PH/s) dropped to $44.842. Despite this considerable decrease in earnings, the seven-day simple moving average for Bitcoin's overall hashrate has seen an increase from 556 exahash per second (EH/s) to 578 EH/s according to a report on Bitcoin.com. This decline in the hashprice index exacerbates the financial pressure on Bitcoin miners, particularly impacting smaller mining operations. The diminishing revenue per petahash presents a growing challenge for these smaller miners, making it harder for them to sustain profitability. The simultaneous rise in computational power alongside the decline in earnings underscores the challenging landscape faced by Bitcoin miners.
Challenges Faced by Bitcoin Miners Due to Declining Mining Revenue
by Giorgi Kostiuk
2 years ago
Other news
MegaETH Achieves 47,000 TPS in Testing Ahead of Stress Test
MegaETH has achieved 47,000 TPS in testing as it prepares for a global stress test on January 19, with the mainnet launch on January 22.
MegaETH to Conduct Global Stress Test with User Engagement
MegaETH will conduct a global stress test on January 19, allowing users to engage with Web3 gaming applications while the network is pushed to its limits.
Sky Protocol's Buyback Program Reduces Circulating Supply
Sky Protocol's recent buyback operation has successfully removed approximately 3157 million SKY tokens from circulation, demonstrating a commitment to the tokenomics model.
Sky Protocol Executes $19M SKY Token Buyback
Sky Protocol has executed a substantial buyback of 3157 million SKY tokens, deploying $19 million from its treasury to reinforce token value and align with holder interests.
Coinsph Launches Educational Campaign for Filipinos
Coinsph has launched an educational campaign to help Filipinos reduce remittance costs, focusing on Overseas Filipino Workers, set to begin from late 2025 to mid-2026.
Cryptocurrency Market Movements on January 20, 2025
On January 20, 2025, the cryptocurrency market experienced mixed movements with major digital assets showing both gains and losses.
Be the first to know about crypto news every day
Get crypto analysis, news and updates right to your inbox! Sign up here so you don’t miss a single newsletter