Recent financial metrics reveal that bitcoin miners’ earnings contracted by $20 million in March relative to February. The decline comes as the hashprice, which indicates the theoretical daily yield of 1 petahash per second (PH/s), slid by 3.93% from its early March benchmark. Data from hashrateindex.com shows the hashprice dropped from $48.84 per PH/s on March 1 to $46.92 as of April 1, 2025.
Despite the drop, the hashprice experienced dramatic swings. It peaked at $54.38 in early March before falling to a low of $44.05 by March 10. Although revenue per 1 PH/s declined by 3.93% since the start of March, it later rebounded by 6.52% from its March 10 low.
Unprecedented Hashrate Reaches 862 EH/s
Bitcoin’s hashrate surged to an unprecedented 862 exahash per second (EH/s) in March, demonstrating robust network growth. This increase comes despite a challenging revenue environment. Miner revenue in February reached $1.24 billion, with $1.22 billion from block subsidies. In March, total revenue slightly dropped to $1.22 billion, with $1.21 billion derived from the block subsidy. Onchain fees contributed $16.45 million in February, falling to $15.11 million in March.
These figures indicate that while bitcoin miners are facing reduced earnings, they are maintaining strong network performance. The hashprice decline reflects market pressures, yet the rising hashrate shows that miners continue to invest in computational capacity.
Compressed Onchain Fees Impact Profit Margins
Onchain transactional throughput has slowed at the end of March and early April. Blocks have operated below capacity during daylight hours, which has compressed onchain fees to only 1-4 satoshis per virtual byte (sat/vB). These low fees result in slimmer profit margins for mining operations. The balance of declining fees and strong hashrate growth creates a complex landscape for miners.
Technical Adjustments and Market Implications
Data indicates that the market experienced two contrasting difficulty adjustments between February 25 and March 31 – a 3.15% drop followed by a 1.43% rise. These adjustments underscore the dynamic nature of bitcoin’s network difficulty and its response to changes in miner activity. Although the hashprice has fallen, miners have demonstrated resilience by increasing their aggregate computational power.
Overall, the latest metrics highlight a challenging period for bitcoin miners. Earnings have contracted by $20 million in March, and the hashprice has fallen by 3.93% from early March levels. However, the network’s hashrate has continued to climb, reaching 862 EH/s, which indicates ongoing commitment to long-term network stability despite compressed fee margins and fluctuating revenue.
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