Bitcoin’s value has fallen by 5% in the past week, causing miners to experience a decrease in revenue due to the decline in hashprice. The current hashprice, which estimates the daily value of 1 petahash per second (PH/s), is now below $50, hovering just above $47 per PH/s.
The decrease in Bitcoin’s value has had a significant impact on miners and their earnings from block rewards and fees. Currently, miners are earning between 0.076 BTC and 0.16 BTC in fees per block, which is much lower compared to a few months ago.
Although fees in June have exceeded those collected in May, it appears that the overall mining revenue for both months will be similar. In May, a total of $964.24 million was collected, with $64.85 million coming from fees. From June 1 to 29, a total of $914.43 million has been collected, with $99.62 million from fees.
The hashprice, representing the estimated value of 1 PH/s per day, hit a low of $47.33 on June 29, the lowest since May 1 when it was below $45 per PH/s. This decline in revenue has put pressure on miners, resulting in a decrease in the overall network hashrate. Currently, the hashrate is just below 560 exahash per second (EH/s).
This indicates that around 96 EH/s, or nearly 100 EH/s, has left the network since late May. Although miners have benefited from two modest difficulty adjustments, the hashrate continues to decline and block intervals are surpassing the 10-minute mark. Projections suggest a potential reduction between 4.6% and 7.3%.
With the recent decline in Bitcoin’s price and the sinking hashprice, miners are facing increased challenges and fluctuating revenues. Despite a slight improvement in fee income in June, the sustained drop in hashprice has led to a significant decrease in the overall hashrate of the network. As adjustments continue, the mining landscape is navigating uncertain waters.
What are your thoughts on the drop in hashprice and hashrate in June? Please share your opinions in the comments section below.
