Bitcoin Mining Profits Decrease by 8.4% Amid Lower Hashprice and Market Strain
Bitcoin miners have recently seen an 8.4% drop in profits over the past three days. Mirroring a decline in bitcoin prices.
This decrease in profitability is linked to a reduction in the network’s hashrate, which fell below the 600 exahash per second (EH/s) mark.
The decline in profits can be attributed to the hashprice, which has decreased by 8.4% since June 14, 2024. Previously at $57.36 per petahash, the hashprice now stands at $52.53, impacting miners’ earnings amidst a backdrop of falling bitcoin prices, from over $69,000 on June 12 to $65,539 currently. These factors have led to increased pressure on bitcoin miners. Emphasizing the importance of their resilience in maintaining Bitcoin’s security and stability amid evolving market conditions.
Clever Robot News Desk 19th June 2024
