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Bitcoin revenue per terahash approaches historic lows as hash rate skyrockets

Income from mining bitcoins or “hash price” – the measure of dollars earned per daily TH/s – fell to levels not seen since the FTX crash of November 2022 as the hash rate reached new highs.

on August 18 The hash rate of the Bitcoin network reached 414 exahash per second (EH/s) marks a new peak for this measurement.

Second, this peak represents a rise It increased by 54% compared to the beginning of 2023 and by 80% compared to the last 12 months.

Hash rate and 1 year BTC price. Source:

However, although the network seems to be efficient in terms of security, things are not very encouraging. Bitcoin minersIts revenues dropped sharply, reaching November 2022 levels. bitcoin It dropped to the low of the cycle around $16,500.

Second HashPriceIndex, revenue is only $0.060 per second per terahash per dayThis was about half the time it was in early May, when the spree to sign up for Bitcoin Ordinals caused huge demand for block space.

market analyst Dylan LeClair commented The decline in revenues and the peak hash rate mean that new and more efficient facilities will continue to be produced, “but it’s time for the price to be higher”, which means that prices have to rise for mining to remain profitable with such high hash rates.

Miner income per terahash. Source: Glassnode

It seems that Bitcoin miners rely on funds from stock sales to sustain themselves in the bear market.

On August 24, Bloomberg reported: in the 2nd quarter, top 12 miners publicly traded, increased by approx. $440 million through the sale of shares.

Major miners $BTC I’m in big trouble before halving

Miners resorted to debt and shareholder dilution to avoid selling the roughly 900 million BTC they had accumulated.

Now these means of salvation are running out. Soon the only options will be to launch

— Rho Rider (@RhoRider) 26 August 2023

Mark JeftovicManaging the newsletter Bitcoin Capitalistdeclared: “Some mining companies dilute their shareholders excessively” add it “If they are diluting you faster than Bitcoin’s rise, then you are going the wrong way on the treadmill.”

Translation of Matteo Carrone

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