Bitcoin mining hash rate reached a record high in October, but profits lagged behind
Jinse Finance reported that bitcoin hashrate has reached a historic high, but the continuously rising block difficulty continues to compress miners' profits. In October, bitcoin miners faced multiple pressures. The industry set a record hashrate of 1.13 EH/s in October, indicating increased participation in bitcoin mining. However, increased mining difficulty, rising energy prices, and a record $19 billion in liquidations have all reduced miners' profits. Notably, daily revenue per EH/s fell by 7% compared to September, dropping from $52,000 to $48,000. In addition, the decline in bitcoin price has also reduced miners' rewards, with Hashprice down nearly 12% this month.
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