Bitcoin hash rate saw a decline as Bitcoin mining firms have started turning off unprofitable mining rigs after theThe Bitcoin network’s hash rate fell to an over two-month low of 575 exahash per second on May 10 before making a small recovery to the current 586 EH/s, according to data fromThe hash rate drop can be attributed to the fact that “miners are beginning to turn off unprofitable rigs,” according to a May 13 XThe temporary drop was predicted by an April 19 report by CoinShares, which...
“Our model forecasts the hash rate rising to 700 exahash by 2025, although after the halving, it could fall by up to 10% as miners turn off unprofitable ASICs.”) mining due to the halving, along with rising electricity costs, according to the report: “Key mitigation strategies include optimizing energy costs, increasing mining efficiency, and securing favorable hardware procurement terms.”Yet, according to Nazar Khan, the co-founder and COO of TeraWulf, only smaller mining operations with less energy-efficient equipment will be endangered after the 2024 halving. In an interview with Cointelegraph, Khan said:
“If you are a firm that just owns a bunch of machines and you are not profitable, you will be challenged. If you are a company that owns quality infrastructure that can deliver low-cost power, that's a real asset and if anything the underlying value of that asset has increased…”, planning to further expand its mining operations this year, despite the halving of block rewards.However, the profitability of mining operations largely depends on the cost of electricity the companies are paying.
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