Bitcoin Mining Revenue Falls to Record Lows

Bitcoin mining revenue, or "hash price" — a measure of dollars made per TH/s per day — has fallen to lows unseensince FTX's demise in November 2022, while hash rate has risen to new highs.

On August 18, the Bitcoin network hash rate surpassed 414 exahashes per second (EH/s), setting a new high for the statistic.

According to Blockchain.com, the network hash rate has increased 54% since the beginning of 2023 and 80% in the last year.

However, while the network's security appears to be robust, things are not looking good for Bitcoin miners, since revenue has dropped drastically, reaching a market cycle low of roughly $16,500 in November 2022.

HashPriceIndex data reveals that revenue is just $0.060 per terahash per second per day, which is less than half of what it was in early May, when the Bitcoin Ordinals inscription frenzy produced a high demand for block space.

Sources:

https://cointelegraph.com/news/bitcoin-profitability-nears-record-lows-hashrate-soars

https://cryptopotato.com/bitcoin-miner-revenue-shed-50-in-3-months-data/

https://www.blockchain.com/explorer/charts/hash-rate