I'm observing a challenging period for Bitcoin miners as the hash price, a key measure of miner revenue per terahash, approaches its lowest point ever. Data from Luxor Technology's Hashrate Index indicates that the hash price has dropped nearly 52%, from a two-month high of $0.095 per terahash second on June 8 to $0.0459 on June 24. Although it has slightly rebounded to $0.0479, it remains close to the record low of $0.0447 set on May 1.

Adam Ortolf from Upstream Data noted that "survival games" have started for Bitcoin miners, with hashpower seeing a significant decline and miners experiencing substantial strain with hash prices around $0.05 TH/s.

Despite the downturn, Mitchell Askew from Blockware Solutions assures that most Bitcoin mining machines are still profitable. The hash price is influenced by the Bitcoin price, miner rewards, and mining difficulty, all of which have decreased recently. Bitcoin's price has dropped 6.8% in the past week to $60,590, driven by negative sentiment from Mt. Gox's planned $8.6 billion Bitcoin sale and outflows from U.S. spot Bitcoin ETFs.

Moreover, the fourth Bitcoin halving in April cut the block subsidy from 6.25 BTC to 3.125 BTC, reducing miner rewards. The network mining difficulty has also decreased by 5% to 83.68 trillion hashes after reaching a record high in April.

Miners have been selling off their Bitcoin holdings, with reserves falling to 1.90 million Bitcoin on June 19, the lowest in over 14 years. Despite these challenges, the industry continues to adapt and find ways to stay profitable.