Key Measure of Bitcoin Mining Profitability Nears All-Time Low
- The hashprice fell sharply after Bitcoin’s recent halving
- Metric indicates Bitcoin miners may struggle with earnings
Mining rigs and power supply units.
Photographer: Andrey Rudakov/BloombergThis article is for subscribers only.
A metric providing a window into the profitability of Bitcoin mining is approaching the all-time low it reached after the collapse of Sam Bankman-Fried’s FTX, signaling hard times ahead for miners.
The sharp drop in the so-called “hashprice” comes on the heels of Bitcoin’s fourth “halving,” which on April 20 cut in half the reward miners earn for their work securing the network.