Bitcoin Miner Income Falls Rapidly, What's Next? The tracker for August 28 shows that Bitcoin miners are earning less. Revenue generated by Bitcoin mining operations is near record lows, according to the Hash Rate Index. With a daily price of $0.059 per Tera Hash (TH), the trend is not exciting for Bitcoin miners as it is within pennies of the $0.056 recorded in late November 2022. At the height of last year's crypto winter, prices fell below $16,000 and hash prices -- a measure of the expected potential revenue from deploying 1 Tera of hashpower per day to the bitcoin network -- fell to their lowest point in three years. Despite the optimism of BTC proponents, who expect prices to recover in the second half of 2023, miners must contend with declining revenues. How this affects their operations remains to be seen, as miners rely on the revenue generated by deployed computing power to meet operating expenses and sometimes pay shareholders. On May 8, the hash price rose to $0.095, its highest level in 2023, but has since contracted, falling more than 40%. As hash prices drop, this could mean it will be harder for miners to compete. The trend is evident as more and more miners power up their mining rigs and the hash rate has risen to record levels. Throughout 2023, Bitcoin's total hash rate (a measure of computing power transferred to the network) rose from 269 EH/s in early January 2023 to 465 EH/s in early July 2023. The hash rate has since dropped by about 329 EH/s. s, which remains above the 2022 high. The Bitcoin network automatically adjusted the mining difficulty to its highest level last week as the computing power continued to rise. The tracker shows that the network difficulty is currently 55.62 T, an increase of 6%. For most of the year, the difficulty level has been rising along with the hash rate. With prices recovering and hashrate rising in January, network difficulty increased by 10%, the highest peak this year. The hash rate may continue to rise in the coming months. Tether Energy, a subsidiary of Tether Holdings, issues USDT and plans to connect its drilling rigs in Latin America. Their introduction means more competition from existing miners. (Data source: Dalmas Ngetich)