Bitcoin mining revenue or “hash price” (a measure of dollars earned per TH/s per day) has dropped to levels not seen since the November 2022 FTX crash, while hashrate hit new highs.

Over the past week, the Bitcoin network hash rate topped 414 exahashes per second (EH/s) on Aug. 18, marking a new peak for the metric.

According to the data, the network hash rate has soared 54% from the beginning of 2023 and 80% in the past 12 months Blockchain network.

BTC hash rate and price 1 year. Source: blockchain.com

However, while the network looks good in terms of security, the picture is not so rosy for Bitcoin miners, as revenues plummet to levels seen in November 2022 when BTC hit market cycle lows around $16,500 .

according to Hash Price Indexearning just $0.060 per terahash per second per day, about half of what it was in early May when the Bitcoin serial number inscription frenzy led to a huge demand for block space.

Market Analyst Dylan Leclerc commented Regarding the decline in revenue and peak hash rate, he said that new more efficient miners will continue to be produced, “but the price is about to exceed it”, which means that the price needs to be adjusted upwards to keep mining at such a high hash rate profit.

Miner revenue per terahash. Source: Glassnode

related: Bitcoin Miners Need Bitcoin Price to Exceed $98,000 Before Halving

Bitcoin miners have reportedly been relying on funds from second-quarter stock sales to stay afloat during the bear market.

On August 24, Bloomberg reported that 12 major listed miners raised about $440 million through stock offerings in the second quarter.

Mark Jeftovic, head of the Bitcoin Capitalist newsletter, said that “some mining companies are diluting shareholders at an exorbitant rate,” before adding, “If they dilute shareholders fast enough If you don’t know how fast Bitcoin is going up, then you’re on the wrong track.”

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