Halving Aftermath: Bitcoin Hashrate Dips 30%, Miners Experience Earnings Decline
After a surge in onchain fees, bitcoin miners faced a sharp decline in hashprice, plummeting from $114 per petahash on Sunday to a much lower $79 per petahash by Tuesday.
Although the network’s hashrate has slightly decreased post the fourth reward halving, it hasn’t seen a substantial drop yet. This reduction in rewards has resulted in tougher times for miners, with their earnings in U.S. dollar terms dwindling compared to pre-halving levels. Data from Luxor’s hashrateindex.com reveals that the hashprice was above $105 per PH/s on average in the week leading up to block 840,000, standing at $108 per PH/s just four days before the halving. Despite hitting a high of $182 per petahash during the fee surge, it quickly dropped to $114 and further plummeted to $79, marking a 30% decline.
Miners’ earnings also saw a decrease from 5.105 BTC per block reward to an average of 4.95 BTC between block heights 840,179 and 840,417. While Bitcoin’s hashrate reached an all-time high of 655 EH/s on halving day, it has since decreased to 631 EH/s by April 23 at 6 a.m. EDT. This period post-halving serves as a critical test for miners’ efficiency and adaptability as they navigate lower revenues and strive to optimize their operations amidst changing market conditions.
Clever Robot News Desk 25th April 2024
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