Data: Bitcoin hash rate falls to a five-year low

According to CoinDesk, data from Luxor shows that the hash price of Bitcoin has fallen to its lowest level in five years, currently at $38.2 per PH/s.

This metric reflects the expected income a miner can earn from a specific hash rate. The hash price depends on four key variables: network difficulty, Bitcoin price, block subsidy, and transaction fees. The hash price increases with the rise in Bitcoin price and total transaction fees, while it decreases with the increase in mining difficulty. Additionally, Bitcoin hash rate remains close to record levels, with a seven-day moving average exceeding 1.1 ZH/s. Meanwhile, the Bitcoin network difficulty remains close to its historical high of 152 T. Transaction fees are still extremely low, with mempool.space showing that high-priority transaction fees are 25 cents or 2 sat/vB.