The hash rate of the Bitcoin network has exceeded 414 EH/s, with miners struggling to survive in this environment where profitability has plummeted.
Bitcoin mining revenue, or “hash price,” (a measure of dollars earned per TH/s per day) has dropped to levels not seen since FTX’s collapse in November 2022, while the hash rate has reached highs. Last week, the Bitcoin network hashrate surpassed 414 exahash per second (EH/s), marking a new high for this metric.
Comment from market analyst
According to Blockchaincom, the network hashrate has increased by 54 percent compared to the beginning of 2023 and by 80 percent in the last 12 months. According to HashPriceIndex, revenue is only $0.060 per terahash per second. This is half the revenue during the Bitcoin Ordinals rush.
Commenting on the falling revenue and hash rate peak, market analyst Dylan LeClair noted that more efficient new platforms will continue to be produced:
“It’s almost time for prices to stay so high. This means that prices need to be adjusted upwards for mining to remain profitable at such a high level.”
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