Bitcoin miners’ income in US dollars for mined coins started to decrease compared to a week prior to the halving. According to data collected from hashrateindex.com, the expected value of 1 petahash per second, also known as the hash price, stayed above $105 per Ph/s in the week preceding the mining of block number 840000. Had hash price was $108/Ph/s on April 15—four days prior to the halving.
Hash prices reached $182/petahash on April 20 during the period of extraordinarily high commissions. But by the following day, it had dropped to $114—and it has since dropped to nearly $79 per petahash. As a result, the value fell by 30%. The average profit for miners per block has dropped from 5,105 BTC on Sunday.
The price of a petahash of Bitcoin was $74 on April 23, 2024, and as of April 23, 2024, it was trading at roughly $79 per petahash.
Over the course of 239 Bitcoin blocks, from 840179 to 840417, miners earned an average of 4.95 BTC in rewards and commissions. From blocks 840179 to 840417, the average fee per block mined was around 1.82 BTC. Hashrate for Bitcoin hit a record high of 655 exahash per second (Eh/s) on the day of the halving. That number, however, had fallen to 631 EH/s by 6 a.m. ET on April 23.
The market’s rebound from the fourth Bitcoin halving is shedding light on the implications for the entire ecosystem, including miners. The security of the Bitcoin network has not been compromised, even though the hash price and hashrate have decreased slightly. The miners’ capacity to adjust to falling revenues and optimize their operations will likely determine the future of the cryptocurrency mining industry, as the decrease in block rewards has started a crucial test of their efficiency and resilience.