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Bitcoin prices below $20K put BTC miners under pressure as the hash rate soars

BTC miners’ profits are under pressure due to a Bitcoin price of sub-$20K. Hash rate soars

October witnessed a surge in Bitcoin’s (BTCThe metric is now at a record 245 Exahashes per Second (or.08%) hash rate. These changes resulted in a sharp decline in hash prices, which led to a drop in profit margins for BTC miners to $66.8 USD/PH (per one Quadrillion hashes) on Oct. 24, 2022.

According to Luxor Technologies, “hashprice” is the revenue BTC miners earn per unit of Hash rateThe total computational power used by miners to process transactions on a proof of work network is called.

Hashprice Index. Source: Hash Rate Index
market price vs Bitcoin difficulty. Source:
Bitcoin price versus the hash rate Source: Glassnode
Major public BTC miners are planning to expand their mining operations. Source: Twitter