{"id":605686,"date":"2024-04-30T02:00:39","date_gmt":"2024-04-30T02:00:39","guid":{"rendered":"https:\/\/wncen.com\/?p=605686"},"modified":"2024-06-11T09:56:48","modified_gmt":"2024-06-11T09:56:48","slug":"bitcoin-profit-crunch-hash-price-hits-record-low-post-halving-whats-next-for-miners","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-profit-crunch-hash-price-hits-record-low-post-halving-whats-next-for-miners\/","title":{"rendered":"Bitcoin’s Profit Crunch: Hash Price Hits Record Low Post-Halving\u2014What\u2019s Next For Miners?"},"content":{"rendered":"

In Bitcoin mining, the activity’s profitability is significantly influenced by a metric known as the ‘hash price.’ This metric has recently plummeted<\/a> to unprecedented levels, causing concerns within the mining community.<\/p>\n

Bitcoin’s Latest Halving Sends Hash Price Into Freefall<\/h2>\n

As Bitcoin underwent its fourth halving event on April 20, expectations were high regarding a potential increase in miner revenue. However, contrary to these expectations, the hash price witnessed a steep decline, currently valued at less than $50 per PH\/s per day.<\/p>\n

\"Bitcoin
Bitcoin Hashprice Index. | Source: Hashrate Index<\/figcaption><\/figure>\n

The concept of hash price, developed by Luxor, a Bitcoin mining services company, helps understand the daily dollar earnings a miner can expect per unit of hashing power.<\/p>\n

Related Reading: Expert Makes Bold Call: It\u2019s Time To Swap Your Dollars For Bitcoin<\/a><\/div>\n

Despite Bitcoin\u2019s hash rate remaining strong, the halving event, which reduced the mining reward from 6.25 BTC to 3.125 BTC per block, has exerted downward pressure on the critical profitability metric<\/a>.<\/p>\n

This reduction in potential earnings comes when the overall cryptocurrency market, including Bitcoin, is experiencing volatility.<\/p>\n

This downturn in hash price is not isolated but coincides with other declining metrics<\/a> in BTC. According to TradingView, Bitcoin\u2019s dominance index has also reduced, highlighting a decrease in capitalization relative to the total crypto market.<\/p>\n

Bitcoin’s dominance has declined from 57.10% mid-month to approximately 54.69% today. Concurrently, Bitcoin’s market value has also trended downward; over the past week, the cryptocurrency experienced a decrease of about 4.4%.<\/p>\n

This downward trend persisted into the past day, with Bitcoin’s price dropping an additional 0.8%.<\/p>\n

\"Bitcoin
BTC price is moving sideways on the 4-hour chart. Source: BTC\/USDT on TradingView.com<\/a><\/figcaption><\/figure>\n

Signs Of A Bullish Future Amid Bitcoin Current Slump<\/h2>\n

Despite the downward turns, analysts like those from CryptoQuant suggest that bullish signals might still be\u00a0on the horizon<\/a>. They point to the Adjusted Spent Output Profit Ratio (aSOPR), which, despite current market indecisiveness, continues to exhibit bullish trends.<\/p>\n

Moreover, expert analysts like Rekt Capital have weighed in with a long-term perspective, suggesting that Bitcoin could see a significant rally as part of this halving cycle<\/a>, drawing parallels with previous cycles.<\/p>\n

Historical data shows that Bitcoin typically reaches a market peak<\/a> within 500-550 days post-halving. If these patterns hold, Bitcoin could be poised for substantial gains by mid to late 2025, reinforcing the cyclical nature of this leading digital asset’s market movements.<\/p>\n

Related Reading: Bitcoin Long-Term Outlook: Analyst Foresees Peak In Late 2025<\/a><\/div>\n

Overall, while the immediate effects of the halving on hash price and market dynamics paint a sad picture, the underlying data indicates a mix of caution and optimism.<\/p>\n

Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"excerpt":{"rendered":"

In Bitcoin mining, the activity’s profitability is significantly influenced by a metric known as the ‘hash price.’ This metric has recently plummeted to unprecedented levels, causing concerns within the mining community. Bitcoin’s Latest Halving Sends Hash Price Into Freefall As Bitcoin underwent its fourth halving event on April 20, expectations were high regarding a potential increase in miner revenue. However, contrary to these expectations, the hash price witnessed a steep decline, currently valued at less than $50 per PH\/s per day. The concept of hash price, developed by Luxor, a Bitcoin mining services company, helps understand the daily dollar earnings a miner can expect per unit of hashing power. Related Reading: Expert Makes Bold Call: It\u2019s Time To Swap Your Dollars For Bitcoin Despite Bitcoin\u2019s hash rate remaining strong, the halving event, which reduced the mining reward from 6.25 BTC to 3.125 BTC per block, has exerted downward pressure on the critical profitability metric. This reduction in potential earnings comes when the overall cryptocurrency market, including Bitcoin, is experiencing volatility. This downturn in hash price is not isolated but coincides with other declining metrics in BTC. According to TradingView, Bitcoin\u2019s dominance index has also reduced, highlighting a decrease in capitalization relative to the total crypto market. Bitcoin’s dominance has declined from 57.10% mid-month to approximately 54.69% today. Concurrently, Bitcoin’s market value has also trended downward; over the past week, the cryptocurrency experienced a decrease of about 4.4%. This downward trend persisted into the past day, with Bitcoin’s price dropping an additional 0.8%. Signs Of A Bullish Future Amid Bitcoin Current Slump Despite the downward turns, analysts like those from CryptoQuant suggest that bullish signals might still be\u00a0on the horizon. They point to the Adjusted Spent Output Profit Ratio (aSOPR), which, despite current market indecisiveness, continues to exhibit bullish trends. Moreover, expert analysts like Rekt Capital have weighed in with a long-term perspective, suggesting that Bitcoin could see a significant rally as part of this halving cycle, drawing parallels with previous cycles. Historical data shows that Bitcoin typically reaches a market peak within 500-550 days post-halving. If these patterns hold, Bitcoin could be poised for substantial gains by mid to late 2025, reinforcing the cyclical nature of this leading digital asset’s market movements. Related Reading: Bitcoin Long-Term Outlook: Analyst Foresees Peak In Late 2025 Overall, while the immediate effects of the halving on hash price and market dynamics paint a sad picture, the underlying data indicates a mix of caution and optimism. Featured image from Unsplash, Chart from TradingView<\/p>\n","protected":false},"author":580,"featured_media":515753,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,14119,92185,639,1119,78790,6664,87925],"class_list":["post-605686","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-bitcoin-asset","tag-bitcoin-hash-price","tag-bitcoin-miners","tag-btc","tag-btcusdt","tag-crypto","tag-crypto-asset"],"acf":[],"yoast_head":"\nBitcoin Profit Crunch: Hash Price Hits Record Low Post-Halving\u2014What\u2019s Next For Miners?<\/title>\n<meta name=\"description\" content=\"In the world of Bitcoin mining, the profitability of the activity is significantly influenced by a metric known as the 'hash price'. 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A web3 content writer, journalist, and aspiring trader, Edyme is as versatile as they come. With a knack for words and a nose for trends, he has penned pieces for numerous industry player, including AMBCrypto, Blockchain.News, and Blockchain Reporter, among others. Edyme\u2019s foray into the crypto universe is nothing short of cinematic. His journey began not with a triumphant investment, but with a scam. Yes, a Ponzi scheme that used crypto as payment roped him in. Rather than retreating, he emerged wiser and more determined, channeling his experience into over three years of insightful market analysis. Before becoming the voice of reason in the crypto space, Edyme was the quintessential crypto degen. He aped into anything that promised a quick buck, anything ape-able, learning the ropes the hard way. These hands-on experience through major market events\u2014like the Terra Luna crash, the wave of bankruptcies in crypto firms, the notorious FTX collapse, and even CZ\u2019s arrest\u2014has honed his keen sense of market dynamics. When he isn\u2019t crafting engaging crypto content, you\u2019ll find Edyme backtesting charts, studying both forex and synthetic indices. His dedication to mastering the art of trading is as relentless as his pursuit of the next big story. Away from his screens, he can be found in the gym, airpods in, working out and listening to his favorite artist, NF. Or maybe he\u2019s catching some Z\u2019s or scrolling through Elon Musk\u2019s very own X platform\u2014(oops, another screen activity, my bad\u2026) Well, being an introvert, Edyme thrives in the digital realm, preferring online interaction over offline encounters\u2014(don\u2019t judge, that\u2019s just how he is built). His determination is quite unwavering to be honest, and he embodies the philosophy of continuous improvement, or \u201ckaizen,\u201d striving to be 1% better every day. His mantras, \u201cGod knows best\u201d and \u201cEverything is still on track,\u201d reflect his resilient outlook and how he lives his life. In a nutshell, Samuel Edyme was born efficient, driven by ambition, and perhaps a touch fierce. He\u2019s neither artistic nor unrealistic, and certainly not chauvinistic. Think of him as Bruce Willis in a train wreck\u2014unflappable. Edyme is like trading in your car for a jet\u2014bold. He\u2019s the guy who\u2019d ask his boss for a pay cut just to prove a point\u2014(uhhh\u2026). He is like watching your kid take his first steps. Imagine Bill Gates struggling with rent\u2014okay, maybe that\u2019s a stretch, but you get the idea, yeah. Unbelievable? Yes. Inconceivable? Perhaps. Edyme sees himself as a fairly reasonable guy, albeit a bit stubborn. Normal to you is not to him. He is not the one to take the easy road, and why would he? That\u2019s just not the way he roll. He has these favorite lyrics from NF\u2019s \u201cClouds\u201d that resonate deeply with him: \u201cWhat you think's probably unfeasible, I've done already a hundredfold.\u201d PS\u2014Edyme is HIM. HIM-buktu. Him-mulation. Him-Kardashian. Himon and Pumba. He even had his DNA tested, and guess what? He\u2019s 100% Him-alayan. Screw it, he ate the opp.","sameAs":["https:\/\/x.com\/0xEdyme"],"url":"https:\/\/wncen.com\/author\/samueledymeabayomi\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin’s Profit Crunch: Hash Price Hits Record Low Post-Halving\u2014What\u2019s Next For Miners?","url":"http:\/\/wncen.com\/news\/bitcoin-profit-crunch-hash-price-hits-record-low-post-halving-whats-next-for-miners\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-profit-crunch-hash-price-hits-record-low-post-halving-whats-next-for-miners\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Bitcoin.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Bitcoin.jpg?fit=2048%2C1256"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Samuel Edyme"}],"creator":["Samuel Edyme"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","bitcoin asset","bitcoin hash price","bitcoin miners","btc","btcusdt","crypto","crypto asset"],"dateCreated":"2024-04-30T02:00:39Z","datePublished":"2024-04-30T02:00:39Z","dateModified":"2024-06-11T09:56:48Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin’s Profit Crunch: Hash Price Hits Record Low Post-Halving\\u2014What\\u2019s Next For Miners?\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-profit-crunch-hash-price-hits-record-low-post-halving-whats-next-for-miners\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-profit-crunch-hash-price-hits-record-low-post-halving-whats-next-for-miners\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Bitcoin.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2023\\\/01\\\/Bitcoin.jpg?fit=2048%2C1256\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Samuel Edyme\"}],\"creator\":[\"Samuel Edyme\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"bitcoin asset\",\"bitcoin hash price\",\"bitcoin miners\",\"btc\",\"btcusdt\",\"crypto\",\"crypto asset\"],\"dateCreated\":\"2024-04-30T02:00:39Z\",\"datePublished\":\"2024-04-30T02:00:39Z\",\"dateModified\":\"2024-06-11T09:56:48Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2023\/01\/Bitcoin.jpg?fit=2048%2C1256","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/605686"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/580"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=605686"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/605686\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/515753"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=605686"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=605686"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=605686"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}