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Analyst: Bitcoin hash rate has decreased by 2.9% since the beginning of the year, and 2026 may see the slowest hash rate growth in history

Analyst: Bitcoin hash rate has decreased by 2.9% since the beginning of the year, and 2026 may see the slowest hash rate growth in history

金色财经金色财经2026/03/04 23:54
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Jinse Finance reported that Blockware bitcoin analyst Mitchell Askew posted on X platform, stating that we are witnessing a historic stagnation in bitcoin hashrate. Since the beginning of the year, it has decreased by 2.9%, and 2026 may become the slowest year of hashrate growth on record. Bitcoin hashrate peaked in October, and a few days later, bitcoin price also peaked. Although hashrate rebounded after the end of power restrictions caused by winter weather, it is still about 10% lower than its historical high. The main reason why hashrate has not reached a new high in nearly four months is that bitcoin price has also not hit a new all-time high. The “production cost” varies greatly among different miners; factors such as ASIC model, electricity cost, and interest expenses all affect the bitcoin price required for miners to achieve profitability. For customers using the most efficient mining machines currently available and with an electricity price of $0.07 per kWh, the breakeven price is about $52,000. For miners with lower operational efficiency, this number is much higher. When bitcoin drops from $125,000 to $60,000, miners with higher breakeven prices are forced to shut down. About 450 bitcoins are mined every day—not more, not less. The fewer miners competing for these 450 bitcoins, the larger the share each miner receives. A miner with 10 S21 XP 270T mining machines can currently mine about 0.0012 bitcoins per day.
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