According to U.Today, Bitcoin's hashrate recently achieved a new record peak of 627 EH/s, as reported by CryptoQuant's head of research Julio Moreno. This milestone comes after recovering from an 8.5% drop following the most recent halving event. Despite this achievement, Bitcoin miners have seen their revenue plummet to the lowest level of the year, with earnings on Sunday amounting to only around $2.5 million.
The halving event, which was anticipated to impact miners' earnings, initially led to a surge in revenue, reaching $107.7 million on August 20, just two days after the event. This temporary boost was driven by the short-lived popularity of the Rune protocol, which caused a spike in mining fees. However, as interest in the Rune protocol waned, Bitcoin miner revenues sharply declined. The continuous drop in Bitcoin's price throughout July rendered most ASIC miners unprofitable, according to data from mining pool F2Pool.
Bitcoin's hash price, a metric indicating potential earnings at a given computational power level, currently stands at $41, as per Hashrate Index data. This figure had dropped to $36 on August 5. For context, during the previous bull market cycle in 2021, Bitcoin's daily hash price peaked at nearly $400. Despite the current lack of profitability, Bitcoin's hashrate has managed to reach a new peak. The next Bitcoin mining difficulty update, expected on August 14, is anticipated to be a negative adjustment of approximately 4%.
