The mining hash rate remains stable despite rising difficulty: Report
The mining industry continues to face challenges and obstacles, including high computing costs, concerns over trade wars, and energy issues.
$BTC Mining hash rate — daily revenue for miners per unit of hash power dedicated to mining blocks — remains stable at around $48 per petahash per second (PH/s), despite a slight increase in Bitcoin difficulty of 1.4%.
Data from CoinWarz shows that Bitcoin difficulty has risen to 113.76 trillion at block 889,081 on March 23, up from a difficulty of 112.1 trillion in the previous epoch.
According to TheMinerMag, a hash rate below $50 puts financial pressure on miners using older hardware like the Antminer S19 XP and S19 Pro.
Older hardware combined with reduced network transaction fees risks pushing some miners into unprofitable territory — forcing them to shut down their hardware until they upgrade their application-specific integrated circuit (ASIC) or until network conditions change.
Mining companies have struggled since the Bitcoin halving event in April 2024, which reduced the block subsidy to 3.125 BTC per mined block, overall increasing network difficulty and the recent downturn in the cryptocurrency market due to macroeconomic instability.