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After enjoying record profits during the recent Bitcoin halving, miners now face a significant drop in hash rate. Following their record-breaking earnings on the day of the Bitcoin halving, miners are now confronted with a different reality: a high network hash rate and lower revenues are squeezing profits. The average revenue a Bitcoin miner earns per hash, also known as the hash price, has reached its lowest point since October 2023. According to the cryptocurrency analytics firm CryptoQuant, the hash price for miners fell from nearly $0.12 at the start of April to $0.07 after the halving, following a peak of $0.19 on the halving day. The Bitcoin halving event reduced miners' block rewards from 6.25 BTC to 3.125 BTC, while the industry's operational costs have remained stable. The CEO of CryptoQuant, Ki Young Ju, estimated that the cost of mining with Antminer S19 XPs would increase from $40,000 to $80,000 after the halving. #Bitcoin❗️ #BTC🌪️ #MiningOpportunity #Cryptocurrencies #CryptocurrencyAlert

After enjoying record profits during the recent Bitcoin halving, miners now face a significant drop in hash rate.

Following their record-breaking earnings on the day of the Bitcoin halving, miners are now confronted with a different reality: a high network hash rate and lower revenues are squeezing profits.

The average revenue a Bitcoin miner earns per hash, also known as the hash price, has reached its lowest point since October 2023. According to the cryptocurrency analytics firm CryptoQuant, the hash price for miners fell from nearly $0.12 at the start of April to $0.07 after the halving, following a peak of $0.19 on the halving day.

The Bitcoin halving event reduced miners' block rewards from 6.25 BTC to 3.125 BTC, while the industry's operational costs have remained stable. The CEO of CryptoQuant, Ki Young Ju, estimated that the cost of mining with Antminer S19 XPs would increase from $40,000 to $80,000 after the halving. #Bitcoin❗️ #BTC🌪️ #MiningOpportunity #Cryptocurrencies #CryptocurrencyAlert

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