Bitcoin’s value has just taken a nosedive so spectacular that even a professional skydiver would be impressed. Miners, once cheerfully counting their imaginary digital gold, now stare at their screens wondering if their electricity bills are secretly plotting against them.
Bitcoin Mining Becomes a Comedy of Errors as Fees Vanish and Hashprice Trips Over Its Own Feet
Bitcoin’s hashprice – the mystical daily value of one petahash per second of hashing wizardry – has tumbled to its lowest recorded level since Luxor began tracking it back when dinosaurs still had Wi-Fi in December 2016.
Much of this financial tumble traces back to the 2020 and 2024 halvings, but the onchain fees decided to ghost miners entirely, leaving only 0.73% of the block reward from actual transactions. The rest is the usual 3.125 BTC subsidy, which is about as comforting as a chocolate teapot in a sauna.
Bitcoin was $79,874 on April 7, 2025, with a hashprice of $39.83. Fast forward to Nov. 19, 2025, and Bitcoin is $91,172 – up by $11,298 per coin – but the hashprice stubbornly slides down to $38.14. It’s like giving someone a raise while simultaneously taking away their chair.
Yesterday, hashprice took another dive to $37.48 per PH/s. At this rate, miners are teetering on the edge of a financial black hole with only a very confused space cat to hold onto. The blunt truth? Someone’s going to snap, scream, or both.
The options are as thrilling as a Vogon poetry reading: either Bitcoin rockets skyward to save the day, onchain activity finally remembers to exist, or miners reinvent themselves. Options include upgrading fleets, flirting with AI, consolidating operations, or inventing some entirely new revenue stream-because tolerance for this monetary masochism is running out fast.
FAQ ❓
- What is Bitcoin’s hashprice? It’s the estimated daily value of one PH/s of mining power, taking price, difficulty, and fees into account-basically, a financial crystal ball that sometimes lies.
- Why is mining revenue falling? Hashprice has plunged to record lows as onchain fees vanish like socks in a washing machine, leaving subsidies to dominate.
- How are miners affected? Tighter margins, more headaches, and the sudden realization that electricity bills are not optional.
- What could change the outlook? Higher fees, a dramatic price jump, or a heroic pivot to AI could ease the suffering-though none guarantee the absence of panicked hair-pulling.
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2025-11-19 20:28