Bitcoin's hashprice, which represents the earnings generated by operating 1 petahash per second (PH/s) of mining power, has decreased from $53.13 per petahash to its current value of $49.81 in the past seven days. On the other hand, Bitcoin's total hashrate has significantly increased from its low on February 25, adding over 41 exahash per second (EH/s) and reaching a present rate of 794 to 796 EH/s.
In February, bitcoin miners earned $1.24 billion, a decrease from the $1.4 billion earned in January. In the first week of this month alone, miners earned $250.75 million, including $2.97 million from onchain transaction fees. To compare, 30 days ago, Bitcoin's hashprice was at $56.73 per PH/s, significantly higher than the current figure of $49.81.
The current indicators suggest that March might not be as profitable for bitcoin miners as the previous two months, unless conditions improve. However, there is positive news regarding the hashrate, as mining power has increased by 5.44% from its recent low of 753 EH/s to a healthier 794 EH/s. Among the mining pools, Foundry dominates with a 31.43% share, while Antpool contributes 17.44%. Viabtc occupies third place with a share of 13.99%. Together, these three mining pools control 62.86% of Bitcoin's total hashrate. Currently, bitcoin miners are preparing for a potential difficulty increase of around 1.29% on or around March 9.
Currently, blocks are being generated at a relatively fast pace, with an average of 9 minutes and 52 seconds per block. However, those who want to expedite their transactions through high-priority transfers face fees averaging 3 satoshis per virtual byte (sat/vB), equivalent to approximately $0.36 per transaction. Based on the current trend, bitcoin miners are likely to face tighter profit margins unless there is a significant shift in market dynamics or transaction demand.
With mining pools consolidating control and mining costs increasing, profitability pressures may lead to strategic adaptations. The future of the industry depends on finding a balance between rising network difficulty and maintaining efficient mining operations amidst fluctuating revenue streams, while hoping for an improvement in bitcoin's market value.
