Bitcoin Mining Profitability Hits Record Low in September 2024

In September 2024, Bitcoin mining profitability hit a historic low according to a report from JPMorgan. The decline is attributed to falling Bitcoin prices and a simultaneous increase in the network hashrate. In the first two weeks of September, the hashrate increased by 4%, returning to pre-halving levels, which significantly raised competition among miners.

The “hash price” fell by 50% compared to pre-halving levels — a key metric for miners’ daily profitability. This decline in profitability has put significant pressure on mining companies and may slow the network’s growth in the short term.