Bitcoin’s hashrate, which represents the computing power spent to secure BTC blocks on the network, has been showing fluctuations in recent weeks. According to data from Luxor’s hashrateindex.com, the seven-day simple moving average (SMA) shows that on April 27, 2024, the hash rate was stable at 647 EH/s. However, eighteen days later, on May 15, it dropped to around 592 EH/s, reaching a low of 582 EH/s on May 8.
An analysis of 417 blocks from 843,210 to 843,627, covering the period from May 13 to May 15, showed that miners received an average of 3,293 BTC per block. This average includes the subsidy of 3.125 BTC per block and approximately 0.168 BTC in commission for each block mined.
In March, miners earned just over $2 billion, and in April, they earned $1.79 billion. However, May earnings are unlikely to reach those levels. Yet, there is room for optimism as Bitcoin’s hash price, or the daily value of 1 petahash of mining, is currently at $52.36, up from the May 9 low of $46.51 per PH/s. This, coupled with the positive impact of the rise in BTC value, presents a promising outlook for miners investing in the network.
Looking ahead, factors such as prospects and the sustainability of declining revenues are essential for BTC miners. The rise in BTC price and the recent favorable difficulty adjustment at block height of 842,688 on May 9 proved beneficial. Based on May 15 statistics, the next retarget is expected around May 23, with another decline possible. An increase in the value of BTC and another decrease in difficulty will greatly benefit miners.
Recent trends in bitcoin hashrate and miner revenues emphasize the delicate balance between computing power and financial returns in the cryptocurrency ecosystem. As miners navigate fluctuations in hashrate and reward structure, the sustainability of their operations will depend on both technological advances and market dynamics. Upcoming complexity adjustments and bitcoin price changes will be critical in shaping the future landscape for miners.
