Hashprice Stabilises After Post-Halving Capitulation
Older machines have left the network, lifting revenue per unit of hashrate for the operators that survived the compression.
Revenue per petahash per day has stabilised over the past six weeks after a prolonged decline that followed the most recent block subsidy reduction, according to network difficulty data and fee estimates.
The stabilisation reflects fleet attrition rather than a change in price. Difficulty adjustments in the period were the first consecutive downward moves since 2022.
Operators with power costs below three cents per kilowatt hour report positive cash margins across their fleets. Those above five cents have concentrated production in their most efficient units and idled the rest.
Transaction fees, which briefly supported revenue during periods of network congestion, have contributed a smaller share this quarter.
About the author
Infrastructure Correspondent
Priya Raman reports on mining economics, grid interconnection and the energy footprint of digital asset networks. She spent six years covering power markets for an energy trade publication before moving to the digital asset beat.
D2CA.org reports on digital asset markets. This article is journalism, not investment advice. Corrections and clarifications: see our corrections policy.