Hashprice has plunged to its lowest level since April, when bitcoin was trading around $76,000, now sitting at $43.1 per petahash/second (PH/s).
Hashprice, a term coined by Luxor, refers to the expected value of one terahash per second (TH/s) of hashing power per day, representing how much a miner can earn from a specific amount of hashrate. It is influenced by bitcoin’s price, network difficulty, block subsidy and transaction fees.
As bitcoin has corrected roughly 20% from its October all-time high to $104,000, and transaction fees remain at bear market levels, miner revenues have come under increasing pressure.
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