Quick Take
CryptoSlate’s analysis sheds light on the anticipated hash rate adjustment, with historical trends indicating a potential 20% decrease post-halving. Past cycles reflect significant hash rate corrections: 39% in 2012, 11% in 2016, and 26% in 2020. As of 2024, we’ve observed a 6% decline so far, taking the hash rate from 649 eh/s to 619 eh/s.
Hash Rate Adjustment Percent Change: (Source: Glassnode)
The price of Bitcoin has tumbled from its highs of around $73,500 to below $57,000, and as a result of this, further hash rate drops are expected. Luxor’s “hashprice” metric, which quantifies the expected value of 1 TH/s of hashing power per day, currently sits at a five-year low of $0.045 per terahash/second per day.
BTC Hashprice Index: (Source: hashrateindex)
If this trend persists, the digital asset community may witness a miner capitulation event, where Bitcoin mining becomes too expensive relative to the cost of mining. This scenario is typically identified by Glassn
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