-
Key Measure of Bitcoin Mining Profitability Nears All-Time Low
A metric providing a window into the profitability of Bitcoin mining is approaching the all-time low it reached after the collapse of Sam Bankman-Fried’s FTX, signaling hard times ahead for miners. The sharp drop in the so-called “hashprice” comes on the heels of Bitcoin’s fourth “halving,” which on April 20 cut in half the reward miners earn for their work securing the network. The quadrennial event has historically been a tailwind for Bitcoin, but it had a minimal impact on the cryptocurrency this time around. Instead, geopolitical tensions and expectations of higher-for-longer US interest rates have ... (full story)