Hassan Maishera
TL;DR
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Bitcoin has dropped below the $26k level after losing 1% of its value over the weekend.
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Bitcoin’s revenue per terahash nears record lows as miners struggle to stay afloat.
Bitcoin Dips Below $26k
Bitcoin has been underperforming in recent weeks and has continued that trend. The world’s leading cryptocurrency by market cap is down by less than 1% in the last 24 hours and is now trading below the $26k level.
BTC has been struggling to stay above the $26k level over the past few days. After rallying to the $26,200 mark over the weekend, Bitcoin has retraced and is now trading around $25,900 per coin.
The poor performance comes as Bitcoin miners struggle to stay afloat. Bitcoin mining hash price has declined to levels not seen since the collapse of FTX in November last year.
Meanwhile, the network hashrate continues to aim for new highs. Over the past seven days, the Bitcoin network hash rate topped 414 exahashes per second (EH/s), a new all-time high.
According to Blockchain.com, the new hashrate is up by 54% since the start of the year and up by 80% in the last 12 months.
While the network security is improving, revenue for miners has been decreasing. At the moment, revenue is around $0.060 per terahash per second per day. This is 50% below what was recorded in early May when the Bitcoin Ordinals inscription saw the Bitcoin network’s activity reach new highs. The broader crypto market is currently bearish, with the total crypto market cap still around the $1.05 trillion level.
