Bitcoin network hash rate has recently reached a new peak of 414 exahashes per second (EH/s) on Aug. 18, according to Blockchain.com. This is a 54% increase from the beginning of 2023 and 80% over the past 12 months. However, Bitcoin mining revenue or “hash price” — a measure of dollars earned per TH/s per day — has slumped to levels not seen since the collapse of FTX in November 2022.
Market analyst Dylan LeClair commented on the falling revenue and hash rate peak, stating that more efficient new rigs will keep being produced, “but it’s almost time for the price to outpace,” meaning that prices need to adjust upwards to keep mining profitable at such high hash rates.
Bitcoin miners have reportedly been relying on funds from stock sales in the second quarter to keep them afloat during the bear market. On Aug. 24, Bloomberg reported that the 12 major publicly traded miners raised about $440 million through stock sales in Q2. Mark Jeftovic, who runs the Bitcoin Capitalist newsletter, said “Some mining companies are diluting shareholders at an excessive rate,” before adding “If they are diluting you faster than Bitcoin is going up, then you are going the wrong way on a treadmill.”
| Information | Details |
|---|---|
| Geography | Global |
| Countries | |
| Sentiment | neutral |
| Relevance Score | 8 |
| People | Dylan LeClair, Mark Jeftovic |
| Companies | HashPriceIndex, Bitcoin Capitalist, Bitcoin miners, Bloomberg, Blockchain.com |
| Currencies | ‘$’, [‘ETH’, ‘Dollar’, [‘USD’, ‘US Dollar’, ‘Bitcoin’], ‘Ethereum’], Bitcoin, [‘BTC’, ‘US Dollar (USD)’], Ethereum |
| Securities |
