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Bitcoin miners have hit a rough patch lately. The income they earn, defined as "hash price," has plunged to figures reminiscent of last year's notorious FTX fall in November 2022. Ironically, this downturn coincides with a significant surge in the Bitcoin network's strength and security.
On August 18, the Bitcoin network strength, also referred to as the hash rate, clocked in at an impressive 414 exahashes per second (EH/s). This is a new record. To put this into perspective, data from Blockchain.com indicates that this rate has skyrocketed by 54% since 2023 began, and it's an 80% jump from a year ago.
Such a robust hash rate typically indicates a secure and resilient network. Yet, despite this, miners who support and sustain the Bitcoin ecosystem are struggling financially. Their earnings have dwindled to what they were when Bitcoin's market value took a nosedive to approximately $16,500 last November.
HashPriceIndex's data reveals a bleak picture. Miners are now earning around $0.060 for every terahash they process each day. That's nearly half the income from early May when the Bitcoin Ordinals inscription event led to a spike in demand and block space.
Dylan LeClair, a respected market analyst, voiced his concerns over this disparity. He mentioned that while technology will keep advancing with better and efficient mining rigs, it's crucial for the Bitcoin price to keep pace. If not, miners may find it unprofitable to continue operations given the increasing hash rates.
To navigate these challenging waters, several Bitcoin miners have turned to stock market funding. A recent report by Bloomberg on August 24 highlighted that 12 leading public miners managed to secure approximately $440 million by selling stocks in the second quarter of this year.
Mark Jeftovic, a seasoned Bitcoin observer and curator of the Bitcoin Capitalist newsletter, voiced his worries over this trend. He remarked on how some miners might overextend themselves by excessively issuing shares. He emphasized that if a company dilutes its shares faster than Bitcoin's value rises, it's akin to running backwards.
