- BTC hash price reached an all-time low of $66,500 per Exahash.
- The all-time low of hash price indicates that BTC miners are earning less.
- There are also macro-economic factors that affect the BTC miner’s revenue.
The Bitcoin hash price has reached an all-time low of $66,500 per Exahash, according to glassnode on Twitter. The hashprice’s all-time low means that BTC miners are earning less, relatively to hash power.
The #Bitcoin Hash Price has reached an all-time-low of $66,500 per Exahash.This means that $BTC miners are earning the smallest reward relative to hashpower applied in history, and likely puts the industry under extreme income stress.Live Chart: https://t.co/RQzSsh9FnF pic.twitter.com/ExfpR5sOOq— glassnode (@glassnode) October 24, 2022
On October 11, glassnode tweeted that the Bitcoin Difiiculty has reached a new all-time high due to a rapid increase in the network hashpower. With the rise in hashpower, BTC’s production cost will also increase, making it more difficult for the miners.
While the price of Bitcoin keeps decreasing, the profit margin of the miners also decreases with the rising BTC’s hash price.
Furthermore, crypto experts state that there are several macro-economic factors that affect the BTC miner’s revenue. The rising energy costs in North America and Europe, improper energy policies, and Russia’s war with Ukraine have further burdened the BTC miners.
For the uninitiated, hashprice is the market value assigned per unit of hashing power. Hashprice is measured by dollars per terahash per second per day ($/TH/s/d).
The rising hash rate usually boosts BTC mining difficulty making the network much more secure, which also affects the BTC price. Even though the mining hash rate rose, the BTC was still down.
At the time of writing, Bitcoin was priced at $19,382.85 with a hike of 1.22% in the past 24 hours, but experienced a 0.52% fall in seven days. BTC has a trading volume of $29,399,202,453.43 with a surge of 85.38% in the past 24 hours
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