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Bitcoin mining revenue or “hash price” — a measure of dollars earned per TH/s per day — has slumped to nearly all time low level, while hash rate has reached new highs.
Bitcoin hash rate has surged 54% from what it was at the beginning of 2023 and 80% over the past 12 months. Miner revenue per TeraHash has almost reached an all time low due to the high hash rate.
The amount of processing and computing power being given to the network through mining is referred to as Bitcoin’s hash rate.
While the network looks good in terms of security, things are not so rosy for Bitcoin miners as revenue has fallen sharply. According to HashPriceIndex, revenue is just $0.060 per terahash per second per day, around half of what it was in early May when the Bitcoin Ordinals inscription frenzy caused a heavy demand for block space.
Market analyst Dylan LeClair commented on the falling revenue and hash rate peak stating that more efficient new rigs will keep being produced, “but it's almost time for the price to outpace,” meaning that prices need to adjust upwards to keep mining profitable at such high hash rates.
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