The hashprice is at $0.068/TH/day, at a level last seen in March.
Bitcoin miners have invested in buying equipment and building mining farms.
The lawsuit that the US Securities and Exchange Commission (SEC) filed with the Binance exchange seems like the punch that ends up plummeting the profitability of Bitcoin miners. However, this situation, which looms the specter of the bear market (bear market) of 2022, began weeks ago.
The bitcoin (BTC) market reaction to the Binance case was negative, as the price of the coin fell below the $26,000 mark. In addition, the increase in the difficulty of mining Bitcoin also influences the fall of the hashprice or price of the hash, which is located at a value of USD0.068/TH/day (or 68 USD/PH/day.
The hashprice is a value that allows Bitcoin miners to estimate the profitability of their operations. This value is assigned to a unit of computation (terahashes or petahashes). And it is expressed as the amount of dollars (USD) that is obtained in a day according to the amount of hashrate that the teams contribute to the network.
According to the data provided by the company Braiins, specialized in the development of Bitcoin mining software, the hashprice had risen to 0.090 USD/TH/day since the beginning of the year. Exceptionally, that figure reached values that exceeded 0.120 USD/TH/day when BRC-20 tokens burst onto the markets, congesting the network and increasing fees, which were a source of large income for miners.
Compared to the values that the hashprice achieved before that exceptional moment, the decrease has been 27%. In fact, since the beginning of 2023 the volatility of the hashprice has been constant, with a sharp decline in March and a dizzying increase at the beginning of May, which just a week later yielded 50% of the gains, as reported by CriptoNoticias.
From the point of view of the network, never before has there been such a high level of difficulty to mine Bitcoin, which stands at 51.2 T (trillions or trillions). This fact is important because it conditions the expectation of miners to obtain more bitcoin based on the computing capacity or hashrate they possess.
Against this background, the profitability of Bitcoin miners seems stuck at levels reminiscent of the bear market experience that began in November 2021, when the hasprice was above 0.400 USD/TH/day. In just seven months, that figure depreciated to a mark below 0.100 USD/TH/day, according to a CriptoNoticias report.