Bitcoin Mining Power Slips Below 900 EH/s as Profits Shrink
Bitcoin’s hashrate—the total computational power securing the network—has dipped below 900 exahash per second (EH/s) after briefly hitting a record high last weekend. At the same time, mining profitability has taken a hit, leaving some operations feeling the squeeze.
By Thursday afternoon, bitcoin’s price was holding just above $104,000. But the real story might be what’s happening under the hood. Over the weekend, the seven-day average hashrate peaked at 946 EH/s, only to drop to around 880 EH/s by mid-June. That’s a loss of roughly 66,000 petahash per second (PH/s) in just a few days.
Why the Sudden Drop?
The decline follows a slight easing in mining difficulty six days ago—a tiny 0.45% adjustment. But it wasn’t enough to offset the bigger trend. Right now, blocks are taking about 10 minutes and 31 seconds to mine, which is slower than the ideal 10-minute target. If this keeps up, the next difficulty adjustment (expected around June 28, 2025) could see another drop—maybe around 5%.
Of course, that’s just a guess. A lot can change between now and then.
Miners Feeling the Pinch
The bigger issue? Mining profits are shrinking. Over the past month, the “hashprice”—basically how much a petahash of mining power earns—has fallen by about 4.37%. Right now, 1 PH/s brings in roughly $52.51, down from $54.91 in mid-May.
It’s not just about bitcoin’s price swings, though those don’t help. The real challenge is the constant balancing act miners face: hardware costs, electricity bills, and those automatic difficulty adjustments that keep block times steady. When the hashrate jumps, profits get spread thinner. When it drops, the remaining miners might catch a break—but only if prices hold up.
For now, things seem shaky. The network’s hashrate bounces around, profits tighten, and miners have to decide whether to power through or scale back. It’s a tough game, and lately, the house has the upper hand.
