Bitcoin mining revenue has fallen to its lowest levels for almost a year as profitability tanks. The hashrate remains high for now but will there be a big mining rig shutdown?
. The crypto metrics provider currently reports mining profitability of 0.112 USD/day for 1 THash/s.
Furthermore, the metric has seen a decline of 56% since the beginning of the year and is down more than 75% since the 2021 highs of 0.450 USD/day per TH/s.Bitcoin network hash rates remain high, however, with the current daily average at 211.82 Exahashes per second, according to Bitinfocharts. The figure is down roughly 16% from its all-time high of just over 250 EH/s on May 2.
High hash rates but low profitability may suggest there is a far greater level of competition in the Bitcoin mining sector than seen previously. In earlier bear markets, miners have powered down their rigs as the asset price dropped and the operations became temporarily unprofitable.
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