Bitcoin Mining Gauge Falls to Record Low Amid Selloff

A closely-watched measure of Bitcoin mining revenue has dropped to the lowest on record with more of the large-scale computing outfits that make the cryptocurrency work unplugging equipment while prices tumble and energy costs climb.

The hash price index, which indicates the mining revenue value per unit of computing power, dropped to around 3 cents for each terahash, according to data from crypto-mining services company Luxor Technology. That was $3.50 in 2017. A biweekly figure mining difficulty is set to drop by over 13%, suggesting one of the largest decreases since China banned the industry in 2021, according to Newhedge.