Bitcoin miners are facing a profit crunch as the hash price, a key metric in Bitcoin mining, hits a record low after the recent halving event. The hash price, which measures the daily earnings a miner can expect per unit of hashing power, has dropped to less than $50 per PH/s per day. This decline in profitability comes as Bitcoin’s dominance index and market value also decrease.
Despite these challenges, analysts remain optimistic about the future of Bitcoin. The Adjusted Spent Output Profit Ratio (aSOPR) continues to show bullish trends, suggesting potential for a market rally. Historical data indicates that Bitcoin tends to reach a peak within 500-550 days post-halving, indicating the possibility of substantial gains by 2025.
While the current situation presents challenges, there is a mix of caution and optimism among experts regarding the future of Bitcoin. Investors are advised to conduct their own research and consider the risks before making any investment decisions.