- Miner hash price hits a record low at $36 per PH/s.
- Mining firms struggle with costs exceeding $60,000 per Bitcoin.
- Marathon Digital Holdings buys 2,282 BTC, expanding reserves.
Blockbridge’s latest report reveals that the miner hash price, a metric for evaluating mining profitability, has plummeted to a record low of $36 per Peta hash per second (PH/s). Should the upcoming difficulty adjustment not decrease, the storage infrastructure sector foresees a grim outlook for mining earnings.
The study also notes that the miner hash price remains at approximately $40 PH/s, a 10% drop from the lowest level recorded in July 2024, despite Bitcoin’s price recovery following its sharp decline on August 5.
Challenging Period for Miners
At the current hash price levels, it’s challenging or even unfeasible for many prominent public mining firms to achieve profitability. Companies like MARA, Core Scientific, and Riot Platforms report monthly mining costs exceeding $60,000 per Bitcoin
MARA and Riot Platforms, which prefer to retain their Bitcoin, may be less impacted by these elevated costs. On the other hand, Core Scientific opts to liquidate its Bitcoin holdings to cover operational expenses.
The report outlines that mining companies are navigating both opportunities and risks with their respective strategies. Core Scientific is compelled to sell at prevailing market prices to reduce debt, while MARA and Riot incur debt to scale up operations and capitalize on future price increases.
On August 6, Marathon Digital Holdings (MARA) augmented its Bitcoin reserves by 2,282 BTC, valued at nearly $124 million. As the leading Bitcoin mining entity, it continues to amass Bitcoin in its treasury with a long-term perspective.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
