Hashrate Price Don Hit $40, Bitcoin Miners Dey Shift to AI
Di price for hashrate, wey be di expected daily revenue per PH/s, don drop from over $62 go about $42 since July and e dey near di critical $40 level. Dis crash dey put pressure for Bitcoin mining operations. Small and inefficient miners dey power down their rigs as electricity and maintenance costs pass wetin dem dey earn. ASIC makers like Bitdeer don start dey do self-mining to balance weak demand and decline for hardware orders.
Meanwhile, Bitcoin network’s hashpower don climb pass 1 ZH/s even as block rewards drop to 3.125 BTC after 2024 halving. Rising energy costs and high hardware capital expenditure don further reduce profit margin. As response, big mining firms dey diversify enter AI compute services. Cipher Mining don sign $5.5 billion, 15-year deal with AWS. IREN don secure $9.7 billion GPU contract with Microsoft.
Bitcoin price don also slide from October peak of over $126,000 to below $100,000. Heavy selling by long-term holders and leveraged liquidations don deepen di downturn. Analysts dey warn say bearish condition fit continue, wey go mark important turning point for miner profitability and business models. Di ongoing slump in hashrate price show how urgent dis sector need to adapt.
Bearish
Di combine fall for hashrate price and Bitcoin market price dey show say BTC go weak for soon time. When hashprice fall, small miners go stop work and hardware demand go weak because network no dey make much money. If long-term holders continue to sell and liquidate, e fit make price fall more. For long term, if the sector shift to AI compute and high-performance services, e fit help reduce money loss but e go still take time to balance the small mining margins. Until AI contracts dey give better returns, Bitcoin price go dey under pressure as miners dey give up and network dey adjust.