Coinspeaker
Bitcoin Hash Price Plummets Despite Soaring Hash Rate
The mining revenue, otherwise called the hash price, of Bitcoin has dropped to levels not seen since FTX collapsed last November. This was when the BTC price fell to a market cycle low of around $16,500.
As it were, hash price measures the amount of dollars that miners earn per terahash. This implies that it is one of the indicators of profitability for those in the mining business.
BTC Hash Price Plunges to 6 Cents
As earlier reported, the Bitcoin network hash rate recently surpassed 414 exahashes per second (EH/s), hitting a record high in the process. According to Blockchain.com, the network hash rate has surged by over 54% in the year running, and more than 80% in the past 12 months. But that only highlights the security of the Bitcoin network.
The mining revenues, on the other hand, have grown discouraging, albeit in the same period. As HashPriceIndex data suggests, Bitcoin mining revenue is now just $0.060 per te
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