Recent figures show that after the Bitcoin network hashrate hit an all-time high of 693 exahashes per second (EH/s) and saw difficulty increase by 3.58%, its computing power has fallen this week. In the nine days since this peak, the hashrate has dropped by 9.95%.
Bitcoin Miners Face Economic Hurdles as Bitcoin Hashrate Falls
Bitcoin miners remain under significant pressure as revenue is no longer what it used to be in the mining industry. Since the fourth Bitcoin halving, the subsidy has been reduced from 6.25 BTC to 3.125 BTC per block. In addition to the subsidy, miners also receive fees from all processed transactions, but on-chain fees have dropped significantly to levels not seen since 2022.
Mempool.space indicates that the high priority fee is 3 satoshi per virtual byte (sat/vB), which is equivalent to $0.25. Furthermore, the lower price of BTC recently has led to a significant drop in the hash rate, or the overall value of 1 petahash per second (PH/s) per day.
On top of that, the network recorded a 3.58% difficulty increase, reaching a new peak in difficulty on September 10, two days after the hashrate hit its high. The lifetime computing power peak was on September 8, when the network reached 693 EH/s. The combination of the factors mentioned above caused the hash power to drop by 9.95%.
So far, 69 EH/s has been erased from its peak nine days ago, sliding to a current low of 624 EH/s. The decline in Bitcoin hash power highlights the increasing challenges miners face with diminishing rewards combined with low transaction fees. As profits dwindle, only the most efficient operations are likely to survive, potentially centralizing mining power.
What do you think about Bitcoin hashrate dropping to 69 EH/s? Share your thoughts and opinions on this topic in the comments section below.
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