Bitcoin Hash Price Approaches All-time Low Amid ‘Survival Games’

Despite the crash in hash price, most Bitcoin mining machines are still profitable for now.

• Bitcoin’s hash price has fallen to nearly its lowest level ever recorded
• This metric measures miner revenue on a per terahash basis
• On June 24, the hash price dropped by nearly 52% to $0.0459 per terahash second
• It had reached a two-month high of $0.095 on June 8 before dropping

In a recent post, Adam Ortolf from Upstream Data mentioned that Bitcoin miners are now playing “survival games” as hashpower has seen a significant decline lately.

According to Mitchell Askew from Blockware Solutions, most Bitcoin mining machines are still profitable under the current conditions even though Bitcoin’s price, miner rewards, and mining difficulty have all decreased in recent weeks.

Bitcoin’s price has dropped by 6.8% in the last week, now standing at $60,590. Market sentiment has also declined due to various factors, such as Mt. Gox’s plans to sell $8.6 billion in Bitcoin to creditors.

Miner rewards have been impacted by the fourth Bitcoin halving since April 20, which reduced the block subsidy from 6.25 BTC to 3.125 BTC. Additionally, the network mining difficulty has decreased by 5% to 83.68 trillion hashes after hitting a record high on April 25.

Bitcoin miner reserves have hit a low of 1.90 million Bitcoin on June 19, the lowest level in over 14 years in Bitcoin terms.