By checking trackers on August 28, bitcoin miners might see that their revenue is declining. Income from Bitcoin mining operations is at almost record lows, according to Hashrate Index data, a platform that measures the relationship between hash rate and the money miners earn over time.

Bitcoin Miner Revenue Declining

The trend for Bitcoin miners isn’t promising at $0.059 per Tera Hash (TH) daily, as it is pennies away from $0.056, a level reached in late November 2022.

The hash price, which reflects the potential revenue expected from deploying 1 Tera Hash of hash rate to the Bitcoin network per day, collapsed to the lowest point in three years at the height of last year’s crypto winter when prices dropped, breaching below $16,000.

While proponents of Bitcoin are upbeat and anticipate a price recovery in the second half of 2023, miners must deal with less revenue. We have yet to know how this affects their operations because miners rely on the money made from using hash rates to cover operating costs and occasionally pay shareholders.

The price of hash reached its peak in 2023 on May 8 at $0.095, but it has since fallen by more than 40%. It may indicate that miners are finding it difficult to compete as the hash price declines. The trend, as it is currently apparent, coincides with the hash rate reaching record highs as more miners turn on their mining equipment.

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The overall Bitcoin hash rate, which measures the amount of computing power flowing into the network, increased throughout 2023, rising from 269 EH/s in early January 2023 to 465 EH/s in early July 2023. Since then, the hash rate has decreased to about 329 EH/s, which is still greater than the 2022 peak.

More Rigs, Higher Hash Rate

Last week, the Bitcoin network automatically increased the mining difficulty to its highest level due to an increase in hash rate. Following a 6% increase, trackers reveal the network’s difficulty is now at 55.62 T.

The majority of the year has seen an increase in hash rate along with a rise in difficulty levels. The network raised the level of difficulty by 10%, the biggest jump this year, as prices began to rebound in January and the hash rate climbed.


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