Information reveals that the Bitcoin miner hash value has now declined to $58.3k per Exahash per day, a brand new all-time low for the metric.
Bitcoin Miner Hash Value Has Continued To Development Down Lately
As per knowledge from the on-chain market intelligence agency Glassnode, miners have remained underneath excessive strain on this drawdown.
The “miner hash value” is an indicator whose worth is calculated by taking the ratio between the day by day miner revenues and the mining hashrate.
Right here, the “mining hashrate” refers back to the whole quantity of computing energy presently related to the BTC community, and its worth is measured in Exahash per second (EH/s).
What the hash value tells us is the earnings that miners are producing per every unit of this computing energy each day.
Now, here’s a chart that reveals the development on this Bitcoin indicator over the complete historical past of the crypto:
Seems to be like the worth of the metric has been taking place | Supply: Glassnode
As you’ll be able to see within the above graph, the Bitcoin miner hash value has been on an general development of perpetual decline because the creation of the crypto.
The explanation behind this lies within the idea of “mining difficulty.” This can be a function of the BTC blockchain that ensures the chain validators solely mine at a relentless, network-intended price.
At any time when the hashrate goes up, miners are capable of produce blocks sooner because of the additional computing energy. However because the community doesn’t need that, it will increase the issue, slowing the miners right down to the required velocity.
Which means regardless of the upper hashrate, miners are nonetheless solely capable of mine the identical quantity of block rewards per day, and thus the hash value declines.
There are additionally another elements at play right here, just like the halvings that happen each 4 years and lower the block rewards down in half.
And there’s clearly the Bitcoin value, which modifications how a lot income miners make in USD. Throughout bull runs, the miner hash value (briefly) breaks the downtrend and observes some rise as a result of giant jumps that BTC observes in such intervals.
The current months haven’t been sort to the miners because the hashrate has been taking pictures up whereas the worth has been always declining, resulting in the hash value sharply falling off.
Following the most recent plunge, the Bitcoin miner hash value has set a brand new all-time low of $58.3k per Exahash per day.
On the time of writing, Bitcoin’s price floats round $16.6k, up 1% within the final week.
BTC value motion stays stale | Supply: BTCUSD on TradingView
Featured picture from Brian Wangenheim on Unsplash.com, charts from TradingView.com, Glassnode.com