Mining revenue hits structural lows as hashprice sinks, costs rise and payback periods stretch past 1,000 days, squeezing even the largest operators.
The Bitcoin mining industry has entered what may be its most severe economic downturn in its 15-year history, with even large publicly traded operators struggling to break even amid collapsing mining revenue and rising debt, according to TheMinerMag.
In its latest report, TheMinerMag said miners are operating in the “harshest margin environment of all time,” as hashprice — the revenue earned per unit of computing power — has fallen from an average of about $55 per petahash per second (PH/s) in the third quarter to roughly $35 PH/s, a level the publication characterized as a structural low rather than a temporary dip.
The deterioration followed a sharp correction in the price of Bitcoin (BTC), which fell from a record high near $126,000 in October to below $80,000 in November.
