Following Bitcoin’s April halving, which reduced miners’ rewards, many mining models experienced significant pricing drawdowns, according to Hashrate Index.

The ASIC market is undergoing substantial changes as mining rigs adapt to a post-halving environment, with Bitcoin’s hashprice hitting record lows. The latest generation of Bitcoin miners, such as the S21 and T21, performed better than older models in Q2. Analysts at Hashrate Index note that crypto miners are prioritizing efficiency to navigate the current challenging market environment.

Despite its industry-leading efficiency at launch, the S21 saw a price drop leading up to the halving, indicating it was initially overpriced. However, it rebounded during the remainder of the quarter, ending Q2 with only a marginal decline.

Bitcoin’s hashrate plunge mirrors 2021 China ban, Hashrate Index says

Hashrate Index points out that Q2 reversed what had been a promising year for Bitcoin’s hashprice. Following a strong Q1, hashprice experienced a significant downturn, hitting an all-time low of $44.43 PH/day in May. Over Q2, Bitcoin’s USD hashprice plummeted 56% to $49.16/PH/day, marking a 53% year-to-date decrease and a 38% year-over-year decline. On a BTC-denominated basis, hashprice fell 68% on a year-to-date basis.

The analysts also commented on the revenue diversification efforts by several public miners. Despite moves to offer artificial intelligence and high-performance computing services, Q1 data indicates that self-mining remains the dominant revenue stream for public miners. Discussions around the potential of AI and HPC strategies reveal that these businesses currently make up a small fraction of overall revenue.

For more insights and updates on the cryptocurrency market, visit Global Crypto News.

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