Are Bitcoin Miners Earning Minimum Reward as Hash Price Plunged to Historic Lows?

Glassnode reports that the revenue of Bitcoin (BTC), miners, continues to decline, given that the hash price has fallen to historic lows at $66,500 per exahash.

The market insights provider explained:

“The Bitcoin Hash Price has reached an all-time-low of $66,500 per Exahash. This means that BTC miners are earning the smallest reward relative to hashpower applied in history, and likely puts the industry under extreme income stress.”

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Source: Glassnode

Therefore, this indicates that miners are earning the lowest revenue in Bitcoin’s 13-year journey.

Additionally, this is occurring as the Bitcoin mining difficulty (ATH) reaches an all time high. Glassnode added:

“BTC mining difficulty just reached an ATH of 158,208,051,864,292,013,637,632. Previous ATH of 152,947,196,320,564,012,646,400 was observed on 23 October 2022.”

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Source: Glassnode

Mining difficulty refers to how difficult it is to generate Bitcoin and is often affected by the amount of machines that are connected to the network.

High mining difficulty can lead to enhanced network security as more computing power will be required to mine the same amount of blocks. 

78% of BTC Supply is not mobile for over 6 months

It seems that some hodlers are still determined to achieve their goal despite the immobile Bitcoin supply reaching ATH.

Will Clemente, market analyst pointed out:

“A new all-time high 78% of Bitcoin supply has not moved in at least 6 months. It is quite remarkable given the terrible macroeconomic environment, geopolitical uncertainty, fears of WW3 and the worst macroeconomic backdrop. There is a group of seriously convicted hodlers out there.”

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Source: Glassnode

Because coins can be stored for future purposes, hodling is a popular strategy in the Bitcoin market.

Blockchain.News reported recently that hodled BTC hit a 5-year record. 

Meanwhile, Bitcoin price According to CoinMarketCap, intraday trading was at $19,315 

Image source: Shutterstock

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