Bitcoin miners’ revenues have plummeted by 81% since the peak

Bitcoin mining firms have seen massive reductions in their revenues. At the same time, their costs are fixed, leading to enormous margin compression.
Source: Hashrate Index

Hashprice is a miner’s daily revenue per TH/s of hashrate. The hashprice is determined by the mining difficulty and the bitcoin price. The current depressed bitcoin price combined with the ever-increasing hashrate has led the hashprice to fall to $0.077 per TH/s, its lowest level since mid-2020.

One of the most important aspects of mining economics is that a miner has relatively fixed operating costs but highly fluctuating revenues. The cost of running a mining machine depends on the energy price, which historically has been stable, although most miners have seen significant increases in their energy prices this year.

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