Bitcoin's hash price, a key indicator of miner revenue per terahash, has dropped to one of its lowest levels ever. Luxor Technology's Hashrate Index reveals a 52% decline to $0.0459 per terahash second on June 24, following a recent high of $0.095 on June 8. Despite nearing the all-time low of $0.0447 set on May 1, it has slightly recovered to $0.0479. Bitcoin miners are facing challenges, with Adam Ortolf from Upstream Data noting a significant drop in hashpower. The current market conditions, influenced by Bitcoin's price, miner rewards, and mining difficulty, have led to a tough period for miners. The recent Bitcoin halving and decreased mining difficulty have further impacted miner profitability. Additionally, a substantial sell-off of Bitcoin by miners has been observed, with reserves hitting a 14-year low on June 19. Read more AI-generated news on: https://app.chaingpt.org/news
