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The lack of profitability is clearly affecting Bitcoin miner behavior. The total Bitcoin hash rate has now declined 13% from its post-halving peak to just 564 exahashes (one quintillion hashes) per second (EH/s)—indicating that many miners are taking their unprofitable machines offline.

Analysis from CryptoQuant shows that miners have also been offloading more BTC to exchanges this month, signaling that they may need extra cash to cover their costs. For example, Marathon Digital had sold 1,400 BTC in June as of June 10, compared to only 390 BTC throughout all of May.

Still, miner stocks on the whole don’t appear to be suffering. Though performance varies from company to company, the Valkyrie Bitcoin Miners ETF (WGMI)—which provides exposure across the Bitcoin mining industry—is up 25% over the last month, reaching a 2024 high in June. By comparison, Bitcoin is down 11%, and big-time Bitcoin investor MicroStrategy (MSTR) is down 13%.


https://decrypt.co/237209/bitcoin-mining-profitability-near-all-time-low-why

profitability chart: https://bitinfocharts.com/comparison/bitcoin-mining_profitability.html#3y