Bitcoin Miners Sold 115% of Production Amid Price Surge to $109,000
Bitcoin reached a new all-time high of $109,000 recently. However, miners faced challenges as they sold 115% of their production in April, the highest ratio since late 2022.
- Hashprice stands at $55 per petahash per second (PH/s), lower than the previous peak of $63/PH/s when Bitcoin first exceeded $100,000.
- Increased network difficulty and low transaction fees have pressured miner revenues.
- CleanSpark’s hashrate is over 40 EH/s; IREN aims for 50 EH/s by June after increasing hash power by 25%.
- MARA Holdings has the highest installed hashrate at 57.3 EH/s.
- Public firms are securing new hardware by paying in bitcoin while keeping repurchase options for their coins to hedge against price fluctuations.
- Mining stocks saw significant rebounds in April, though most remain down for the year. Only CleanSpark and MARA Holdings show positive gains year-to-date.