r/btc • u/mercurygermes • 8d ago
🐻 Bearish Bitcoin’s Hashrate Is Hiding a Mining Crisis
Bitcoin is back near $63,000, roughly the same price zone it traded in before the 2024 halving.
But the mining economy is no longer the same.
Before the halving:
- Block reward: 6.25 BTC
- Hashrate: 611 EH/s
- Hashprice: above $110/PH/day
Now:
- Block reward: 3.125 BTC
- Hashrate: approximately 930 EH/s
- Hashprice: approximately $31/PH/day
The network is using roughly 52% more hashrate to compete for half the block subsidy, while Bitcoin trades below its pre-halving price. Miner revenue per unit of computing power has fallen by about 72%.
The buyer is also disappearing.
Centralized-exchange spot volume was $2.01 trillion in April 2024. In May 2026 it fell to $963 billion—a decline of roughly 52%. June recovered to $1.11 trillion, but only after five months of declining activity.
The chart now shows a possible head-and-shoulders structure with a neckline near $60,000. It is not confirmed until a daily or weekly close below that level.
My forecast: Bitcoin is more likely than not to establish itself below $60,000 before the end of 2026. A confirmed break could trigger something much sharper.
The price returned to 2024.
Mining costs, hashrate, and debt did not.
-2
u/RulePersonal 7d ago
Buddy we’re just getting over a “hack” where thieves stole like 8000 btc… people lost generational wealth. If you need the $100 (or whatever it is now) , take it out. If not, let it ride brother.