Bitcoin Miners Feel the Pinch: 10% Value Drop Tanks Hash Price in August

August has proved to be a difficult month for bitcoin miners, going through two problem spikes and witnessing the foreign money’s worth plummet over 10% up to now 30 days. This decline in worth has pulled the community’s hash value to ranges harking back to late 2022. At current, miners obtain roughly $60 each day for each petahash per second (PH/s) they produce, as indicated by the prevailing hash value.

Bitcoin’s Hash Price Tumbles to Depths Uncharted Since Late 2022

While there’s nonetheless two days left of August, information reveals miners have garnered $717.14 million, of which the subsidy accounted for a hefty $702.12 million. Back in July, the full miner earnings stood at $865.26 million, with a big $846.04 million rising from newly minted bitcoins.

The dip in earnings this month stems primarily from the BTC value being over 10% lower than its earlier month’s worth. On July 29, 2023, BTC was valued at $29,355 per coin, however quick ahead 30 days, and it’s only a tad under the $26K mark.

Currently, miners are churning out a staggering 364.28 exahash per second (EH/s), which interprets to 364,280 petahash per second (PH/s). Rewind to July 29, and miners have been pocketing simply above $71 each day for every PH/s produced; fast-forward 30 days, and this determine has slid to $60.

The Hashrate Index metrics present that the height hash value for August touched a bit of over $74 on the eighth. However, the yr’s most important surge was on May 8, 2023, when the hash value soared barely previous $127 per day.

Bitcoin’s hash value trajectory has been on a downward slope since October 2021, witnessing one other sharp dip post-March 2022. In reality, you’d need to journey again to the balmy days of summer time 2020 to seek out charges as little as the tip of 2022 and at the moment.

Despite August 2023’s softer bitcoin costs, the month wasn’t devoid of motion, with the community experiencing two problem will increase. The second one on August 22, at block top 804,384, leaped by 6.17%.

From July 29, 2023, onward, a complete of 4,398 block rewards have been found by bitcoin miners. Leading the cost was the mining pool Foundry USA with 1,316 discoveries, adopted by Antpool with 991, F2pool with 619, Viabtc with 393, and Binance Pool rounding out the listing with 335 block rewards found.

What do you concentrate on the hash value dropping to recent lows in August 2023? Share your ideas and opinions about this topic within the feedback part under.