Bitcoin’s Hash Price Tumbles to Depths Uncharted Since Late 2022
The month of August 2023 has seen a significant decrease in miner earnings, primarily due to the decrease in Bitcoin’s price. Here are the key points:
- In August, miners earned a total of $717.14 million, with $702.12 million coming from the subsidy.
- July’s total miner earnings were $865.26 million, with most of it coming from newly minted bitcoins.
- The dip in earnings is a result of Bitcoin’s price dropping over 10% compared to the previous month.
- Miners are currently producing a hash rate of 364.28 exahash per second (EH/s).
- The peak hash price for August was a little over $74 per day.
Bitcoin’s hash price has been on a downward slope since October 2021, with another sharp dip after March 2022. The current hash price is the lowest since the end of 2022. Despite the lower prices, August 2023 saw two difficulty increases in the Bitcoin network. The mining pool Foundry USA led the way with the most block rewards discovered.
Hot Take:
The decrease in Bitcoin’s hash price and miner earnings highlights the volatility of the cryptocurrency market. It’s important for crypto readers to stay updated on these trends and understand the factors that influence them.
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