Bitcoin hash price stands out as an important indicator of mining revenue. After hitting a two-month peak of $0.095 on June 8, the Bitcoin hash price fell more than 52% to $0.0459 on June 24, according to data from Luxor Technology's Hashrate Index. This was close to the low of $0.0447 observed on May 1, but subsequently recovered slightly to $0.0479.
Tough Time for Miners
Adam Ortolf, development manager at Bitcoin mining company Upstream Data, highlighted the difficulties miners are experiencing. #bitcoinhash power has dropped significantly during this difficult period, which shows the difficulties miners face with the hash price around $0.05 TH/s," Ortolf said in a post on June 23.
Mitchell Askew, principal analyst at Blockware Solutions, noted that despite a challenging environment, most Bitcoin mining rigs remain profitable. Factors such as Bitcoin's price, mining difficulty, and miner payments are among the key variables affecting the hash price; All of these factors have decreased recently.
Factors Affecting Hash Price
Mt. Negative developments, such as Gox's plans to sell Bitcoin to creditors and withdrawals from spot Bitcoin exchange-traded funds in the US, sent the price of Bitcoin down 6.8% to $60,590 last week. Additionally, the fourth Bitcoin halving on April 20 also affected mining incentives, reducing the block subsidy from 6.25 BTC to 3,125 BTC.
Network mining difficulty dropped 5% from its record high on April 25 to 83.68 trillion hashes. This created additional stress for Bitcoin miners.
Mining Reserves and Market Impacts
Miners are selling significant amounts of Bitcoin. On June 19, miner reserves dropped to 1.90 million Bitcoins, the lowest level in the last 14 years. This reserve decline, combined with the low hash price, has made mining operations more difficult and means a "fight for survival" for miners.
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