Bitcoin Miners Grapple with Plummeting Revenue Amidst Hashprice Drop

Bitcoin's hashprice took a tumble over the weekend, dropping from $56.95 per petahash per second (PH/s) on Friday to $51.66 by Sunday. This decline coincided with a significant drop in onchain fees for bitcoin miners, who now earn less than half a BTC for each block they mine, based on the last 100 blocks.

Post-halving, miners are grappling with diminished BTC earnings compared to the pre-halving era, where high fees were the norm after block height 840,000. While some miners may have cushioned themselves with earnings from this period, others face tougher times ahead.

As of April 28, Bitcoin's hashprice stands at approximately $51.66 per petahash. Prior to the halving, miners were raking in over $100 per petahash per day. This stark drop in revenue, akin to a 50% discount, has led to challenges across the mining community.

Despite the decline, the post-halving buffer has helped maintain a robust hashrate, albeit with a slight decrease from its peak above 630 exahash per second (EH/s). Initial data from blocks 840,849 to 840,949 showed an average reward of 3.83 BTC per block, but subsequent blocks saw this figure decrease. Between blocks 841,057 and 841,157 on April 27, miners averaged 3.56 BTC, including newly minted coins and fees, with a similar average observed between blocks 841,125 and 841,225.

In terms of revenue, BTC miners saw record highs in March, amassing over $2 billion, including $85 million from onchain fees. April's figures remain strong, with revenues totaling $1.67 billion and $269 million from onchain fees. However, with bitcoin's price hovering above $63,000 and potentially declining further, miners face mounting financial pressures. A drop below the $55,000 mark could exacerbate revenue challenges in an already fragile market.