Bitcoin's Hashrate Soars to New Heights While Miners Struggle to Survive

Record-Breaking Hashrate Amidst Growing Challenges

Hang onto your hats, crypto fans! Bitcoin's computing power just blasted off the charts, hitting a mind-blowing 1 sextillion hashes per second on April 5. That's right, the network's strength is stronger than ever, according to data from BitInfoCharts. But hold up, there's a twist in this tale.

Miners Feeling the Squeeze

While the hashrate's climbing to the moon, miners are feeling the heat. Their revenue took a nosedive in March, dropping nearly 50% from last year to a measly $1.2 billion. That's a gut punch, according to Newhedge's blockchain analytics.

Here's the deal: miners make their cash from block subsidies and transaction fees. But with the latest halving in April slashing rewards to just 3.125 BTC per block, fees are more crucial than ever. Problem is, fees are staying low and blocks are often coming up empty. Miners are getting squeezed from all sides.

Miners Selling Off Their Stash

Desperate times call for desperate measures. TheMinerMag's data shows that publicly traded miners dumped over 40% of their Bitcoin production in March - the highest level since last October. It's a clear sign that miners are feeling the pinch from shrinking profit margins, low hashprices, and the looming shadow of trade war uncertainty.

Some companies are going all out. HIVE, Bitfarms, and Ionic Digital sold off more than 100% of their March production, according to the report. They're not messing around. Others, like CleanSpark, are trying to adjust their game plan on the fly.