Bitcoin Hashprice Hits Record Low of $38/PH/s Amid Market Slump and Difficulty Spike

The bitcoin hashprice has reached a new all-time low below $38/PH/s, driven by the ongoing market slump and the recent all-time high difficulty adjustment last Wednesday.

Bitcoin’s hashprice, which represents the dollar revenue earned per unit of hashrate each day, reached $37.3/PH/s on Monday. The latest drop comes in the wake of a 10.5% difficulty increase last Wednesday, which pushed the network’s mining difficulty to its highest level ever and already reduced the hashprice to below $50/PH/s.

The weekend’s market slump has compounded the difficulty adjustment’s effects. Bitcoin’s price has seen a significant decline since Sunday, trading around $50,000 as of publishing, down 17% within the past 24 hours. A series of macro events and on-chain activities relating to the market maker Jump Trading appear to have spooked the market.

This has led to much-reduced bitcoin mining profitability, making it increasingly difficult for smaller operations to stay afloat without sufficient funding.

A hashprice of $38/PH/s is already lower than the fleet hashcost breakeven point for many publicly traded mining companies, although some of them have raised capital via extensive equity financing.