Bitcoin Miners Struggle as Hash Rate Surges: Market Update
Bitcoin miners are facing challenges as the network hash rate reaches new highs while profitability declines. The hash rate of the Bitcoin network recently surpassed 414 exahashes per second (EH/s), marking a significant increase from previous levels. However, the revenue per terahash per second per day has dropped to $0.060, a decline from earlier this year. This decrease in profitability is a cause for concern among miners as more efficient rigs are being produced. To sustain profitability, the price of Bitcoin needs to rise to match the high hash rates. Miners have been relying on funds from stock sales to navigate the bear market, but these options are becoming limited. As the halving approaches, miners face increasing pressure to find sustainable solutions.
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