{"id":549119,"date":"2023-08-28T16:00:31","date_gmt":"2023-08-28T16:00:31","guid":{"rendered":"https:\/\/uniquehot.com\/?p=549119"},"modified":"2024-06-11T08:16:00","modified_gmt":"2024-06-11T08:16:00","slug":"bitcoin-metric-to-ath","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-metric-to-ath\/","title":{"rendered":"Another Bitcoin Metric Is About To Reach A New All-Time High Despite The Bear Market"},"content":{"rendered":"

The price of Bitcoin has taken a beating in the past month. The leading cryptocurrency by market cap is down by more than 11% from its price in July and has lost more than $50 billion in market cap since then.\u00a0<\/span><\/p>\n

While the price plunge has been painful for investors, Bitcoin miners have also been feeling the sting as mining revenue per computing power has been dwindling for the past few months. On the other hand, Bitcoin\u2019s hashrate has soared to high levels as mining farms continue to come online.<\/span><\/p>\n

Bitcoin Hashrate Reaches All-Time Highs Despite Bear Market<\/span><\/h2>\n

Over the last year, Bitcoin’s hashrate (the total combined computing power of miners) has almost doubled. <\/span>Data<\/span><\/a> from Blockchain.com shows that the Bitcoin network hash rate surpassed 414 terahashes per second (TH\/s) for the first time on August 16.\u00a0<\/span><\/p>\n

Related Reading: Exodus Of 30,000 BTC To Cold Wallets Spells Good News For Bitcoin Price<\/a><\/div>\n

This metric has since retraced to 390 TH\/s, but it is expected to rise further in the coming weeks as miners bring on more computing power to break even on their mining operations. The higher the hashrate, the more difficult it becomes to mine BTC and earn rewards. This means that miners are now making less BTC per terahash of computing power than ever before.\u00a0<\/span><\/p>\n

Data from Hashrate Index <\/span>shows<\/span><\/a> this figure is now at $0.06016 per terahash\/second per day. In comparison, this figure was at $0.08124 on May 8 during the rise of Bitcoin Ordinals and Inscriptions. A further decline from here would see mining revenue fall below the lowest point in November 2022.<\/span><\/p>\n

How Miners Are Adapting To Stay Profitable<\/span><\/h2>\n

The Bitcoin mining industry has proven itself resilient, even during the depths of the crypto winter. According to <\/span>data<\/span><\/a> from investment information platform MacroMicro, the current average cost to mine a BTC stands at $45,877 with the current price of BTC now at $25,936.\u00a0<\/span><\/p>\n

\"Bitcoin<\/p>\n

BTC price displays volatility during the weekend | Source: BTCUSD on Tradingview.com<\/a><\/pre>\n
To remain profitable with the rising hash rate, Bitcoin miners have had to adjust their operations. Publicly traded mining companies like <\/span>Marathon Digital<\/span><\/a> and Riot Platforms have had to raise about $440 million through stock sales.\u00a0<\/span><\/p>\n
Bitcoin miners have also avoided selling their $900 million BTC, as it could trigger a major selloff from investors. <\/span>While previous on-chain data<\/span><\/a> have shown miners sending a significant amount of coins to exchanges, miners have <\/span>been expanding their reserves<\/span><\/a> recently.\u00a0<\/span><\/p>\n
BTC Mining Outlook<\/span><\/h3>\n
The outlook for Bitcoin mining economics in the coming months is uncertain but potentially promising if the hashrate continues to increase. The next Bitcoin halving is expected to take place in April 2024, slashing block reward by 50%.\u00a0<\/span><\/p>\n
Related Reading: Cathie Wood\u2019s ARK Invest Joins Ethereum Futures ETF Race After Spot Bitcoin ETF Delay<\/a><\/div>\n
When the halving occurs, things could even get tighter for miners, as they would have to increase mine more blocks to break even. Nevertheless, big BTC mining companies are already on track for this adjustment. Marathon Digital, for example, was able to achieve a 54% <\/span>boost in its hashrate<\/span><\/a> during the second quarter but <\/span>reported <\/span><\/a>a net loss of $21.3 million.<\/span><\/p>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"
The price of Bitcoin has taken a beating in the past month. The leading cryptocurrency by market cap is down by more than 11% from its price in July and has lost more than $50 billion in market cap since then.\u00a0 While the price plunge has been painful for investors, Bitcoin miners have also been feeling the sting as mining revenue per computing power has been dwindling for the past few months. On the other hand, Bitcoin\u2019s hashrate has soared to high levels as mining farms continue to come online. Bitcoin Hashrate Reaches All-Time Highs Despite Bear Market Over the last year, Bitcoin’s hashrate (the total combined computing power of miners) has almost doubled. Data from Blockchain.com shows that the Bitcoin network hash rate surpassed 414 terahashes per second (TH\/s) for the first time on August 16.\u00a0 Related Reading: Exodus Of 30,000 BTC To Cold Wallets Spells Good News For Bitcoin Price This metric has since retraced to 390 TH\/s, but it is expected to rise further in the coming weeks as miners bring on more computing power to break even on their mining operations. The higher the hashrate, the more difficult it becomes to mine BTC and earn rewards. This means that miners are now making less BTC per terahash of computing power than ever before.\u00a0 Data from Hashrate Index shows this figure is now at $0.06016 per terahash\/second per day. In comparison, this figure was at $0.08124 on May 8 during the rise of Bitcoin Ordinals and Inscriptions. A further decline from here would see mining revenue fall below the lowest point in November 2022. How Miners Are Adapting To Stay Profitable The Bitcoin mining industry has proven itself resilient, even during the depths of the crypto winter. According to data from investment information platform MacroMicro, the current average cost to mine a BTC stands at $45,877 with the current price of BTC now at $25,936.\u00a0 BTC price displays volatility during the weekend | Source: BTCUSD on Tradingview.com To remain profitable with the rising hash rate, Bitcoin miners have had to adjust their operations. Publicly traded mining companies like Marathon Digital and Riot Platforms have had to raise about $440 million through stock sales.\u00a0 Bitcoin miners have also avoided selling their $900 million BTC, as it could trigger a major selloff from investors. While previous on-chain data have shown miners sending a significant amount of coins to exchanges, miners have been expanding their reserves recently.\u00a0 BTC Mining Outlook The outlook for Bitcoin mining economics in the coming months is uncertain but potentially promising if the hashrate continues to increase. The next Bitcoin halving is expected to take place in April 2024, slashing block reward by 50%.\u00a0 Related Reading: Cathie Wood\u2019s ARK Invest Joins Ethereum Futures ETF Race After Spot Bitcoin ETF Delay When the halving occurs, things could even get tighter for miners, as they would have to increase mine more blocks to break even. Nevertheless, big BTC mining companies are already on track for this adjustment. Marathon Digital, for example, was able to achieve a 54% boost in its hashrate during the second quarter but reported a net loss of $21.3 million. Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":594,"featured_media":549130,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,639,640,654,656,1144,78790,2989,89241],"class_list":["post-549119","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-miners","tag-bitcoin-mining","tag-bitcoin-network","tag-bitcoin-news","tag-btcusd","tag-btcusdt","tag-miners","tag-mining-news"],"acf":[],"yoast_head":"\nAnother Bitcoin Metric Is About To Reach A New All-Time High Despite The Bear Market<\/title>\n<meta name=\"description\" content=\"Bitcoin miners have also been feeling the sting as mining revenue per computing power has been dwindling for the past few months.\" \/>\n<meta name=\"robots\" content=\"index, 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During this time, Scott has been able to author countless influential pieces that have drawn in millions of readers and have shaped public opinion across various important topics. His repertoire spans hundreds of articles on various sectors in the crypto industry, including decentralized finance (DeFi), decentralized exchanges (DEXes), Staking, Liquid Staking, emerging technologies, and non-fungible tokens (NFTs), among others. Scott\u2019s influence is not just limited to the countless discussions that his publications have sparked but also as a consultant for major projects in the space. He has consulted on issues ranging from crypto regulations to new technology deployment. Scott\u2019s expertise also spans community building and contributes to a number of causes to further the development of the crypto industry. Scott is an advocate for sustainable practices within the crypto industry and has championed discussions around green blockchain solutions. His ability to keep in line with market trends has made his work a favorite among crypto investors. In his personal life, Scott is an avid traveler and his exposure to the world and various way of life has helped him to understand how important technologies like the blockchain and cryptocurrencies are. This has been key in his understanding of its global impact, as well as his ability to connect socio-economic developments to technological trends around the globe like no one else. Scott is known for his work in community education to help people understand crypto technology and how its existence impacts their lives. He is a well-respected figure in his community, known for his work in helping to enlighten and inspire the next generation as they channel their energies into pressing issues. His work is a testament to his dedication and commitment to education and innovation, as well as the promotion of ethical practices in the rapidly developing world of cryptocurrencies. Scott stands steady in the frontlines of the crypto revolution and is committed to helping to shape a future that promotes the development of technology in an ethical manner that translates to the benefit of all in the society.","sameAs":["https:\/\/x.com\/https:\/\/twitter.com\/MathersonScott"],"url":"https:\/\/uniquehot.com\/author\/mathersonscott1\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Another Bitcoin Metric Is About To Reach A New All-Time High Despite The Bear Market","url":"http:\/\/uniquehot.com\/news\/bitcoin-metric-to-ath\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/uniquehot.com\/news\/bitcoin-metric-to-ath\/"},"thumbnailUrl":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/iStock-1383793414-1.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/iStock-1383793414-1.jpg?fit=1272%2C824"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Scott Matherson"}],"creator":["Scott Matherson"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/uniquehot.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin miners","bitcoin mining","bitcoin network","bitcoin news","btcusd","btcusdt","miners","mining news"],"dateCreated":"2023-08-28T16:00:31Z","datePublished":"2023-08-28T16:00:31Z","dateModified":"2024-06-11T08:16:00Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Another Bitcoin Metric Is About To Reach A New All-Time High Despite The Bear Market\",\"url\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-metric-to-ath\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/uniquehot.com\\\/news\\\/bitcoin-metric-to-ath\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1383793414-1.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2023\\\/08\\\/iStock-1383793414-1.jpg?fit=1272%2C824\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Scott Matherson\"}],\"creator\":[\"Scott Matherson\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/uniquehot.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin miners\",\"bitcoin mining\",\"bitcoin network\",\"bitcoin news\",\"btcusd\",\"btcusdt\",\"miners\",\"mining news\"],\"dateCreated\":\"2023-08-28T16:00:31Z\",\"datePublished\":\"2023-08-28T16:00:31Z\",\"dateModified\":\"2024-06-11T08:16:00Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/uniquehot.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/uniquehot.com\/wp-content\/uploads\/2023\/08\/iStock-1383793414-1.jpg?fit=1272%2C824","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/549119"}],"collection":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/users\/594"}],"replies":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/comments?post=549119"}],"version-history":[{"count":0,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/posts\/549119\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media\/549130"}],"wp:attachment":[{"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/media?parent=549119"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/categories?post=549119"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/uniquehot.com\/wp-json\/wp\/v2\/tags?post=549119"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}