In Bitcoin mining, the activity’s profitability is significantly influenced by a metric known as the ‘hash price.’ This metric has recently plummeted to unprecedented levels, causing concerns within the mining community.
Bitcoin’s Latest Halving Sends Hash Price Into Freefall
As Bitcoin underwent its fourth halving event on April 20, expectations were high regarding a potential increase in miner revenue. However, contrary to these expectations, the hash price witnessed a steep decline, currently valued at less than $50 per PH/s per day.
The concept of hash price, developed by Luxor, a Bitcoin mining services company, helps understand the daily dollar earnings a miner can expect per unit of hashing power.
Despite Bitcoin’s hash rate remaining strong, the halving event, which reduced the mining reward from 6.25 BTC to 3.125 BTC per block, has exerted downward pressure on the critical profitability metric.
This reduction in potential earnings comes when the overall
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