One closely-watched measure of Bitcoin mining revenue is hovering around a record low as the price of the largest digital asset stagnates and competition heats up.
The so-called hashprice fell to $0.06 for a unit of computing power per day on Sunday, according to Hashrate Index data. That is close to the record low seen around late 2022 when major publicly-traded mining companies warned of a liquidity crunch and some declared bankruptcy.
Bitcoin mining is an energy-intensive process in which firms use expensive specialized computers to validate records of transactions on the blockchain and earn rewards in the form of the token. This is done by thousands of the computers, or Bitcoin mining rigs, stacked on top of each other in data centers that use high amounts of electricity.
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