New data has revealed that Bitcoin (BTC) mining might no longer be as lucrative as it used to be. Bloomberg has reported that the profitability of Bitcoin mining is nearing a record low, not seen since the days following the collapse of FTX, posing significant challenges for those securing the network.
The data indicates that the “hashprice,” a metric that gauges the revenue a miner earns daily for each petahash of computing power, has dipped alarmingly close to its all-time low.
This decrease is notable, considering it came after the recent Bitcoin halving event on April 20, which traditionally boosted the cryptocurrency’s value but, this time, failed to counteract the bearish pressures from global economic uncertainties.
Notably, the term “hashprice,” coined by Luxor Technologies, reflects the ‘harsh’ realities facing miners post-Halving. The event, which occurs every four years, reduces the block reward for miners by half, intending to maintain a deflation
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