Bitcoin revenue per terahash nears record lows as hashrate soars

Bitcoin mining revenue or “hash price” — a measure of dollars earned per TH/s per day — has slumped to levels not seen since the collapse of FTX in November 2022, while hash rate has reached new highs. 

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

The peak has seen network hash rate surging 54% from what it was at the beginning of 2023 and 80% over the past 12 months, according to

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

On Aug. 24, Bloomberg reported that the 12 major publicly traded miners raised about $440 million through stock sales in Q2.

Major $BTC miners are in BIG trouble heading to the halving

To avoid selling the ~$900M BTC they’re hoarding, miners relied on debt and diluting shareholders

Now those lifelines are drying up. Soon their only option is dumping into the markethttps://t.co/I27tvV4kxu

— Rho Rider (@RhoRider) August 26, 2023

Mark Jeftovic, who runs the Bitcoin Capitalist newsletter, said “Some mining companies are diluting shareholders at an excessive rate,” before adding “If they are diluting you faster than Bitcoin is going up, then you are going the wrong way on a treadmill.”

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