Reduced block rewards post-halving and Bitcoin mining difficulty reaching new heights are eating away at miner revenues.
Miner hashprice, a metric that gauges mining profit margins, has fallen below $36 petahash per second (PH/s) — a record low according to a recent Blockbridge report. The storage infrastructure company predicts a dismal outlook for miner profitability if the upcoming difficulty recalculation is not adjusted lower.
The report also noted that despite the price of Bitcoin (BTC) rebounding following the sharp decline on Aug. 5, miner hashprice still sits around $40 PH/s, which is 10% lower than the previous all-time low reached in July 2024.
Most large public mining companies will also struggle to make profits at current hashprices, with MARA, Core Scientific and Riot Platforms each showing all-in projected monthly mining costs of $60,000 or more per Bitcoin. The second quarter financial data revealed MARA to have the highest all-in mining cost for July.
