- Miner hashprice has hit an all-time low of $36 petahash per second (PH/s).
- Current hashprices make it difficult, if not impossible, for most major public mining businesses.
A new report from Blockbridge indicates that the miner hashprice, a measure used to assess mining profit margins, has hit an all-time low of $36 petahash per second (PH/s). If the next difficulty recalculation is not modified down, the storage infrastructure business anticipates a bleak picture for miner profitability.
The research also said that miner hashprice is still about $40 PH/s, which is 10% lower than the previous all-time low achieved in July 2024, even if the price of Bitcoin has rebounded after the steep collapse on Aug. 5.
Tough Times for Miners
Current hashprices make it difficult, if not impossible, for most major public mining businesses to turn a profit. For example, MARA, Core Scientific, and Riot Platforms all estimate monthly mining expenses of $60,000 or more per Bitcoin. Based on financial data from the second quarter, MARA had the highest all-in mining cost for July.
Because they want to keep their Bitcoin, MARA and Riot Platforms will be less affected by these high expenses. Contrarily, Core Scientific decides to sell all of its mined Bitcoin in order to pay for its operating expenses.
According to the research, mining businesses face both possibilities and threats from each approach. Core Scientific must sell at current market levels to decrease debt, while MARA and Riot take on debt to expand operations and take advantage of potential gains.
The Marathon Digital Holdings (MARA) treasury boosted its holdings by 2,282 BTC, or almost $124 million, on August 6th. With an eye on the future, the biggest Bitcoin mining business has been steadily building up its Bitcoin treasury.
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