Cryptocurrency investors may be feeling some serious damage to their portfolios this week, but Bitcoin miners have their own woes — revenue per petahash just hit a five-month low, which isn’t a milestone anyone would celebrate.
Bitcoin miners pray for a break
To be honest, since July 11th, Bitcoin miners have watched their profits shrink faster than ice in the sun.
Hash Price Statistics is hosted at hashrateindex.commeaning the expected daily value of 1 petahash per second (PH/s) of hash power fell from $63.92 to $46.92 per PH/s. This corresponds to a revenue decline of 26.58%. This didn’t happen overnight.
3 months bitcoin hash price hashrateindex.com.
This downward trend has continued for weeks, slowly eating away at miners’ profits like a leaking faucet. Even on October 6, when BTC was fairly stable at $126,272, the $52.77 hash price was still lagging, down 1,745 basis points (17.45%) from its July petahash value. On top of that, BTC miners took another hit, falling more than 9% since Monday.
At such price levels, Bitcoin is not necessarily favorable for miners. Most miners are probably praying to the hash gods for recovery. Their next lifeline? Difficulty adjustments scheduled for October 16th. Even though hashrate is above the 1,000 exahash/second (EH/s) mark, block spacing is holding it back.
Currently, block times are running approximately 37 seconds slower than the average of 10 minutes. Current estimates suggest that the difficulty could drop by 5.84% on October 16th, which could finally give us some breathing room. But for now, the difficulty level is at an all-time high of 150.84 trillion, the heaviest weight ever carried by miners.
In other words, Bitcoin miners are struggling through one of the toughest periods in the past five months, squeezed between record difficulty and diminishing rewards. Unless the next correction eases the load or increases prices, it will be a long road to a bright block day.
đź’ˇFrequently Asked Questions
- Why are Bitcoin miners’ incomes decreasing now?
Mining revenue fell 27% in five months due to falling hash prices and record network difficulties. - What is the current mining difficulty for Bitcoin?
Currently, Bitcoin mining difficulty is at an all-time high of 150.84 trillion. - When is the next Bitcoin difficulty adjustment?
The next difficulty change is scheduled to occur on October 16th and is expected to be reduced by 5.84%. Difficulty estimates may change over the next 500 blocks. - How is Bitcoin’s hashrate performing?
Bitcoin’s hashrate remains high, exceeding 1,000 exahashes per second (EH/s), despite slower block intervals.
