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Bitcoin’s hash price, a key metric indicating miner revenue per terahash, is nearing its lowest level ever recorded.
According to data from Luxor Technology’s Hashrate Index, Bitcoin’s hash price plummeted nearly 52% to $0.0459 per terahash second on June 24, down from a two-month high of $0.095 on June 8. This figure approached the record low of $0.0447 set on May 1 but has since slightly recovered to $0.0479.
In a June 23 X post, Adam Ortolf, a developer at Bitcoin mining company Upstream Data, described the current situation as “survival games” for Bitcoin miners. Ortolf noted a significant drop in hashpower and highlighted the “serious pain” miners are experiencing with hash prices around $0.05 TH/s.
Despite the crash, most Bitcoin mining machines remain profitable, according to Mitchell Askew, head analyst at Blockware Solutions. Hash price is influenced by the Bitcoin price, miner rewards, and mining difficulty—all of which have seen declines recently.
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– **Bitcoin Price**: Bitcoin has dropped 6.8% over the past week, trading at $60,590. This decline is partly due to concerns over Mt. Gox’s plans to sell $8.6 billion worth of Bitcoin to creditors and recent outflows from U.S. spot Bitcoin exchange-traded funds.
– **Miner Rewards**: The fourth Bitcoin halving since April 20 reduced the block subsidy from 6.25 BTC to 3.125 BTC, equating to $188,800 at current prices.
– **Mining Difficulty**: The network mining difficulty has decreased by 5% to 83.68 trillion hashes after reaching a record high on April 25.
Bitcoin miner reserves have also seen a significant drop, falling to 1.90 million Bitcoin on June 19—the lowest level in over 14 years.
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