Bitcoin mining revenue or “hash price” — a measure of dollars earned per TH/s per day — has slumped to levels not seen since the collapse of FTX in November 2022, while hash rate has reached new highs.
Over the past week, Bitcoin network hash rate topped 414 exahashes per second (EH/s) on Aug. 18 marking a new peak for the metric.
The peak has seen network hash rate surging 54% from what it was at the beginning of 2023 and 80% over the past 12 months, according to Blockchain.com.
However, while the network looks good in terms of security, things are not so rosy for Bitcoin miners as revenue has fallen sharply, hitting levels when BTC fell to a market cycle low of around $16,500 in November 2022.
According to HashPriceIndex, revenue is just $0.060 per terahash per second per day, around half of what it was in early May when the Bitcoin Ordinals inscription frenzy caused a heavy demand for block space.
Market analyst Dylan LeClair commented on the falling revenue and hash rate peak stating that more efficient new rigs will…