Overview
- Miners posted $1.086 billion in revenue for May, driven mostly by the 3.125 BTC block subsidy and marking the strongest month since January.
- Bitcoin’s price has weakened, contributing to lower miner margins and triggering renewed market risk after large ETF withdrawals and heightened geopolitical tensions.
- Hashprice — the daily revenue per unit of mining power — has fallen about 18% over the past month to roughly $30.77 per PH/s, compressing operator returns.
- Network hashrate has slipped below 975 exahashes per second as some firms throttle or retire less efficient machines, and that decline could produce an estimated 9% difficulty reduction in the next adjustment window.
- Transaction fees remain a small part of revenue at about 1.16% of recent block rewards, so miners will likely rely on a difficulty cut or a price rebound to restore per‑hash profitability and avoid further rig retirements.