Why is the Bitcoin hash rate so high, yet miner revenue is at an 11-month low? The Bitcoin network's hash rate remains robust, indicating strong security and competition, but Bitcoin miners are facing a profitability squeeze. According to Bitinfocharts, mining profitability, which is measured in daily dollars per terahash per second, has reached its lowest point since October 2025. Mining Data shows the Bitcoin mining hashrate has observed a fall during the month of May as miner revenues continue to stay low.

Several factors contribute to this discrepancy. Increased competition among miners, driven by the rising hash rate, means smaller slices of the Bitcoin block reward pie for each participant. Furthermore, Bitcoin output declines monthly as miners face stiff competition from an ever-increasing hashrate. According to the latest weekly report from Arcane Research, Daily mining revenue hit an eleven-month low of $22.43 million on May 24. Daily mining revenue spiked to a peak of around $80 million in April 2025 but has since fallen.

The reduced revenue stream is forcing some miners to sell off their Bitcoin holdings to cover operational costs. Bitcoin Miners Sold Record Amount of BTC Ahead of May's Price Surge. With hashprice hovering near break-even levels, miners liquidated 115% of April production. This increased selling pressure can, in turn, impact the price of Bitcoin. Explore the reasons behind this shift and its market impact. Understanding this complex interplay between hash rate, miner revenue, and market dynamics is crucial for navigating the Bitcoin landscape.