By the end of February, Bitcoin miners' income had fallen by $190 million
Bitcoin's hashrate has dropped below 800 exahashes per second (EH/s), according to recent data, coinciding with a 30-day low in mining revenue, commonly referred to as hashprice. As of Friday, hashprice is just below $50 per petahash per second (PH/s), indicating a significant drop in profitability for miners.
Bitcoin Miners Are Struggling
Bitcoin's slide below $80,000 on Thursday was not a good day for miners, as their revenues dropped significantly. Now that Bitcoin (BTC) has climbed back above $83,000, the hash rate — or the implied value of 1 PH/s — has recovered slightly, but remains at its lowest level since January 28.
Bitcoin hashrate via hashrateindex.com
On Thursday, the hash rate dropped to $45.41 per petahash, and as of 3:30 PM ET on Friday, it had increased to $48.65 per petahash. Just 30 days ago, the hash rate was more favorable at $60.19 per PH/s, highlighting the recent difficulties facing BTC miners. Bitcoin's hash rate also saw a significant spike in February, reaching 852 EH/s on February 7, 2025.
However, at the current level of 799 EH/s, the network has lost over 50 EH/s of its computing power, indicating a noticeable shift in computing resources. The decrease in hash power occurred in tandem with Bitcoin's 3.15% difficulty drop, which occurred five days ago on February 23 at block height 885,024. The network difficulty currently stands at 110.57 trillion, with the next adjustment expected to occur on March 9.
While official data remains incomplete as February 28 has not yet ended, it appears that Bitcoin miners have earned less this month compared to January. According to information obtained from theblock.co, miners earned $1.4 billion from block subsidies and fees last month. However, this month the amount is $1.21 billion, and there are only three hours and 20 minutes left in February.
Source: cryptonews.net
