Data shows the Bitcoin miner “hashprice” has fallen towards all-time lows, a sign that these chain validators could be coming under pressure.
Bitcoin Miners Are On The Brink Of Becoming Unprofitable
In its latest weekly report, the on-chain analytics firm Glassnode has looked into some miner-related metrics to see how they are doing in terms of their revenue right now.
Miners earn their income through two means: the block rewards that they receive for solving blocks on the network and the transaction fees that they get for processing individual transfers.
The former of these stays fixed between halvings while the latter fluctuates depending on the network activity. How much of these rewards an individual miner would end up getting depends on the competition present on the blockchain.
The “mining hashrate,” that is, the total amount of computing power connected to the network, can serve as a way to track the degree of competition among the miners. The metric is measured in terms of exahashes per second (EH/s).
Looks like the value of the metric has been going up towards new ATHs | Source: Glassnode's The Week Onchain - Week 39, 2023
As displayed in the above graph, the 7-day Bitcoin mining hashrate has gone up by 52% since February and has set a new all-time high. A consequence of the competition between the miners hitting a new high has been that the “hashprice” has plunged toward a new all-time low.
The hashprice here refers to a measure of the total revenue that the miners are earning per exahash of their computing power.
The value of the metric seems to have declined recently | Source: Glassnode's The Week Onchain - Week 39, 2023
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Author: Hououin KyoumaDid you like this?
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