Bitcoin's hashrate recently hit a new record peak of 627 EH/s, according to data provided by CryptoQuant's head of research Julio Moreno.
It has now recovered from an 8.5% plunge that took place following the most recent halving event.
At the same time, revenue collected by Bitcoin miners recently crashed to the lowest level of the year. On Sunday, miners earned only roughly $2.5 million.
The halving event was widely expected to take a toll on the wallets of miners. However, miner revenue surged to a staggering $107.7 million on Aug. 20, the second day after the halving event. This windfall was caused by the short-lived popularity of the Rune protocol, which caused a temporary surge in mining fees.
Valeria BlokhinaAs soon as the enthusiasm surrounding the Rune protocol dissipated, Bitcoin miner revenues collapsed.
After the Bitcoin price kept dropping in July, most ASIC miners became unprofitable, according to data provided by mining pool F2Pool.
Bitcoin's price hash currently stands at $41, according to data provided by Hashrate Index. On Aug. 5, it collapsed all the way to $36. This metric shows how much a miner can possibly earn at a certain level of computational power. For comparison, Bitcoin's daily hash price peaked at nearly $400 during the previous bull market cycle that took place in 2021.
Notably, Bitcoin hashrate has managed to reach a new peak despite the lack of profitability.
Meanwhile, the next Bitcoin mining difficulty update is expected to take place on Aug. 14. It will be a negative adjustment of roughly 4%.
Vladislav Sopov
Tomiwabold Olajide
Dan Burgin