Bitcoin Hash Rate Hits Record Highs Amid Plunging Profits 📈
Bitcoin's network #hash rate reaches a new high of 414 EH/s, reflecting a 54% surge this year and an 80% increase over 12 months, enhancing network security.
However, #miners are grappling with plummeting profitability as mining revenue drops to $0.060 per TH/s per day, half of what it was in May due to falling demand.
More efficient #rigs are being developed, but analysts suggest that prices need to rise for mining to remain profitable. Miners have turned to stock sales, raising $440 million in Q2 to sustain operations during the market downturn.
Dilution concerns emerge as some mining firms dilute shares at a faster rate than Bitcoin's growth.
