Chart of the Week: 'Gloomy Picture' for BTC Miners as Revenues Stabilize, Reach Record Low

Chart of the Week: 'Gloomy Picture' for BTC Miners as Revenues Stabilize at Record Lows

Even though Bitcoin is trading at around $84,000, miners' revenues have fallen due to the recent halving and increased operating costs.

James Van Straten | Edited by Aoyon Ashraf April 20, 2025, 5:00 PM

What you need to know:

• Hashprice, a key measure of miner revenue, has approached a five-year low, highlighting the difficulties in the mining sector.
• While Bitcoin is trading at around $84,000, miners' revenues have fallen due to the recent halving and rising operating costs.
• The Valkyrie Bitcoin Miners ETF is down 50% since the start of the year, reflecting the challenging conditions for miners.

Hashprice, a key metric for assessing miner revenue, is currently hovering near a five-year low, according to HashRate Index data, a stark reminder of how difficult mining has become.

Simply put, this metric reflects the revenue that miners can expect per unit of computing power, measured in petahashes (PH/s). It can be expressed in USD or BTC, although it is most often presented in USD for ease of comparison.

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The current hash rate is $44.00 PH/s, slightly above the August 2024 low when Bitcoin hit $49,000 amid a decline in trading with the yen. Bitcoin is currently trading at around $84,000.

Despite the higher price of BTC, miners' revenues are declining, creating a pessimistic outlook for the entire mining industry after the recent halving, which halved rewards. Increased competition, increased mining difficulty, reduced transaction revenue, and soaring energy costs have added to the pressure on revenues.

However, the situation is not so hopeless. At around $44.00 PH/s, depending on the type of mining equipment used, miners can still be on the verge of breakeven or even reach it, although far from the records of 2021.

Looking ahead, deteriorating market conditions, stagnant Bitcoin prices, and geopolitical uncertainties such as potential tariffs affecting mining could create additional challenges for the industry.

This is evident in the results of the Valkyrie Bitcoin Miners ETF (WGMI), which is down 50% year-to-date while BTC is down around 10%, highlighting the difficult situation facing the mining sector.

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