Bitcoin miners are facing fierce headwinds, with a closely watched gauge of revenue dropping to the lowest in about two years as crypto prices drop and energy costs soar
The hash price index, which indicates the mining revenue value per unit of computing power, dropped to around 7.7 cents for each terahash, the lowest since September 2020, according to data from crypto-mining services company Luxor Technologies.
It last neared that level during the crypto market crash in June, when some miners had to sell coins held as investments to cover costs. The index uses multiple factors, such as the price of Bitcoin and transaction fees, to calculate the miners’ total revenue.
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