Bitcoin Miners Face Challenges as Rewards Decrease
Bitcoin miners are currently earning less revenue in US dollars for their mining efforts compared to before the halving event took place.
According to data from Luxor’s hashrateindex.com, the hashprice, which measures the expected value of 1 petahash per second (PH/s) of hashing power per day, was above $105 per PH/s on average in the week leading up to block 840,000. On April 15, just four days before the reward halving, the hashprice was at $108 per PH/s.
During a period of high transaction fees, the hashprice reached $182 per petahash on April 20 but dropped to $114 the next day. Since then, it has fallen even further to around $79 per petahash, representing a 30% decrease in value. Miners were earning an average of 5.105 BTC per block reward on Sunday, but that has since decreased.
As of 6 a.m. EDT on Tuesday, April 23, 2024, Bitcoin’s hashprice is hovering around $79 per petahash, reaching a low of $74 per petahash.
Between block heights 840,179 and 840,417, miners earned an average of 4.95 BTC from both subsidies and fees. This suggests that the average sum of fees per block during that period was approximately 1.82 BTC. On the day of the halving, Bitcoin’s hashrate reached a record high of 655 exahash per second (EH/s), but it has since fallen to 631 EH/s by April 23 at 6 a.m. EDT.
Following Bitcoin’s fourth halving, the implications for miners and the broader ecosystem are becoming clearer. Despite the decrease in hashprice and a slight dip in hashrate, the resilience of Bitcoin’s network remains strong. The reduction in block rewards has posed a significant challenge for miners to operate efficiently and sustainably. Their ability to adapt to lower revenues and optimize operations will likely shape the future of cryptocurrency mining.
What are your thoughts on the revenue losses experienced by miners? Please share your opinions in the comments section below.
