Mining margins weaken as hash price declines and rig payback periods stretch, even as listed miners rally on analyst upgrades and new HPC agreements.
Profitability across the Bitcoin mining industry is facing new strain amid rising network competition and declining revenue conditions.
Bitcoin miners are facing a fresh squeeze as the network’s hashrate — a measure of the total computing power competing to secure the Bitcoin network — climbed to a record 1.16 ZH/s in October while Bitcoin’s (BTC) price fell toward $81,000 entering November, according to a report by The Miner Mag.
Hashprice, which tracks miner revenue per unit of computing power, fell below $35 per hash, dropping under the $45/PH/s median total hashprice reported by public mining companies. The decline leaves several operators approaching breakeven levels.
