Bitcoin's hash rate appears to drop 16% after miner revenue declines by 44%

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Bitcoin's hash rate, the measure of miner's performance, appears to have dropped by about 16% after the third halving as miners now generate twice less from the block subsidy.

According to The Block's estimates, the daily miner revenue has dropped by about 44% after the halving - from $16.1 million to $9.0 million. Most of the older ASIC mining equipment, such as Antminer S9, is now unprofitable. The new-gen devices, such as Antminer S17 and Whatsminer M30S, remain vastly profitable.

The hash rate appears to be down from ~122 EH/s to ~102 EH/s. Out of the four largest pools (F2Pool, Poolin, Antpool, BTC.com), Poolin seems to have lost the largest amount of hash rate, approximately 30%, while BTC.com seems to have lost the least - a little over 10%.

Bitcoin's interblock time, the time in between each block, has increased slightly with an average of 10:32 minutes since the halving. The next difficulty adjustment will likely take place in 5 days and the difficulty is predicted to be adjusted down by about 2%.

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May 5, 2022, 3:17PM UTC
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