Since mid-June, Bitcoin Miners Have Been "Extremely Underpaid"

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Hey folks.

Since mid june, according to metrics from cryptoquant.com miners of Bitcoin have experienced significant underpayment.

Currently, the estimated value of 1 petahash per second (PH/s) of hashrates remains notably low at $47.79 per PH/s. Inspite of the decrease in revenue, hashrate of Bitcoin is still just under the 600 exahash per second (EH/s) mark.

Earnings of Bitcoin Miners Plummet

Right now, miners of Bitcoin are struggling, and CryptoQuant data show that they have been underpaid extremely since June 16, 2024.

Luxor's Hashprice Index indicates that the estimated value of 1 PH/s dropped to about $44 per PH/s between July 3 and July 7, making July 6 the worst day for miners.

The hashprice has increased by almost 9% since then, getting close to $48 per PH/s. Due to this loss of money, the hashrate dropped to 560 EH/s on June 29.

The seven-day simple moving average (SMA), however, indicates that the overall hashrate has now risen to 584 EH/s. Three successive difficulty decreases resulted from longer block intervals caused by the prior decline.

The difficulty retarget however expected on July 18, 2024, based on recent estimates is likely to surge by 1 to 2 percent, though this could change with 5 days remaining.

Revenue of Bitcoin miners for this month, with nearly half of July over, is comparatively low. Miners have made $332.98 million thus far, and if they keep up this rate, July may rank among the worst months of the year.

Thoughts?

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