Bitcoin Tumble Sends Hashprice Near All-time Lows

Bitcoin’s price slump since the weekend has pushed hashprice, the dollar value of daily mining revenue per PH/s of computing power, below the critical level of $50/PH/s.

Data from Hashrate Index shows that Bitcoin’s hashprice has dropped to $48/PH/s, approaching the all-time low of around $45/PH/s set in early May after the fourth halving event. This figure is lower than the fleet hashcosts of several major mining operations tracked by TheEnergyMag.

Bitcoin’s price fell over 3% on Friday to below $65,000, reportedly triggered by German authorities selling seized assets. The market sell-off continued over the weekend, with bitcoin plunging to $61,000 early Monday following news that Mt. Gox is set to repay creditors in July. This decline further propelled the liquidation of nearly $100 million in bitcoin long positions.