Author: Brayden Lindrea, CoinTelegraph; Translated by: Deng Tong, Golden Finance

Bitcoin’s hash price, a key measure of how much miners earn per terahash, is near its lowest level on record.

Data from Luxor Technology’s hashrate index shows that Bitcoin’s hash rate fell nearly 52% to $0.0459 per terahash second on June 24, after hitting a two-month high of $0.095 on June 8.

It was slowly moving towards its all-time low of $0.0447 set on May 1 but rebounded to $0.0479 in the past few hours.

Bitcoin hashrate changes over the past 12 months. Source: Hashrate Index

Adam Ortolf, a developer at bitcoin mining firm Upstream Data, said in a June 23 post that the “survival game” has now begun for bitcoin miners.

#bitcoinhashrate seems to have fallen off a cliff from this difficult time so far,” Ortolf said. He believes miners are “suffering severely” with hashrate hovering around 0.05 TH/s.

Source: Adam Ortolf

Mitchell Askew, chief analyst at Blockware Solutions, said that fortunately, most Bitcoin miners remain profitable under the current circumstances.

Hashrate is largely determined by Bitcoin’s price, miner rewards and mining difficulty, all three of which have fallen sharply in recent weeks.

Bitcoin prices fell 6.8% last week to $60,590 - sentiment fell on news from Mt. Gox that it plans to sell $8.6 billion worth of bitcoin to creditors and outflows from U.S. spot bitcoin exchange-traded funds over the past two weeks.

Meanwhile, Bitcoin miner rewards were impacted by the fourth Bitcoin halving since April 20, which cut the block subsidy from 6.25 BTC to 3,125 BTC — worth $188,800 at current prices.

The network’s mining difficulty — how hard it is to mine a block — also fell 5% to 83.68 trillion hashes after hitting an all-time high on April 25.

The massive sell-off of Bitcoin also came from miners.

On June 19, Bitcoin miner reserves plummeted to 1.9 million BTC, the lowest level in 14 years in Bitcoin terms.