Bitcoin’s Daily Mining Revenue Hits Historic Low

Bitcoin’s daily mining revenue dollar value has plummeted to a historic low, creating significant challenges for miners. According to Luxor’s hashprice index, as of 6 a.m. EDT on July 4, 2024, the price per petahash (PH/s) dropped to $44.842. Despite the decrease in earnings, the seven-day simple moving average for Bitcoin’s overall hashrate indicates an increase from 556 exahash per second (EH/s) to 578 EH/s, according to Bitcoin.com.

This declining hashprice amplifies the financial pressure on Bitcoin miners, especially smaller operations. As revenue per petahash falls, these smaller miners face growing difficulties in maintaining profitability. The increase in computational power amid decreasing earnings highlights the tough environment for Bitcoin mining.