The price of Bitcoin's computing power has dropped to a historical low

An indicator measuring the profitability window of Bitcoin mining is approaching a historical low reached after the FTX crash, signaling tough times ahead for miners. According to hashrate index data, the price of hashrate fell to $57 on Friday. This figure represents the amount that miners can earn each day from 1 petahash per second of computing power. Shortly after the FTX crash in November 2022, its price touched a historic low of $55. After Bitcoin halved on April 20th, hash prices soared immediately to $139 due to a series of activities around Rune protocol causing transaction fees to skyrocket. According to CryptoQuant's data, as fees fell back to pre-halving levels and mining difficulty increased, this upward trend quickly reversed.