The price of Bitcoin (BTC) has dropped 5% in the last week and 10% in the last 30 days. The main cryptocurrency’s miners saw a decline in their earnings from block rewards and associated commissions as a result of this decline.
Block fees are now much lower than they were a few months ago, paying miners between 0.076 and 0.16 BTC.
Saturday, June 29, 2024, Bitcoin network hashrate
While May’s fees were higher, June’s total fees were higher. May and June Bitcoin mining revenues appear to be going to be about the same as of today, the last day of the month. The commission portion accounted for $64.85 million of the $964.24 million received in May. The total amount that miners received from June 1st to June 29th was $914.43 million, with $99.62 million going toward commissions.
June 29 saw the lowest hash price of $47.33 per Ph/s since May 1, when it was below $45 per Ph/s. This represents the estimated cost of 1 Ph/s per day. The overall network hashrate dropped to 560 exahash per second (Eh/s) as a result of miners feeling the pinch from the revenue decline.
This indicates that the Bitcoin network hashrate has dropped by 100 EH/s, or more specifically, 96 EH/s, since May’s end. Despite a small drop (from 0.79% to 0.05%), miners were helped out by two difficulty adjustments in this scenario. With the hashrate still falling and blocks being spaced out more than 10 minutes apart, the difficulty will drop from 4.6% to 7.3%.