Bitcoin's (CRYPTO:BTC) hashprice, which measures the daily revenue per petahash of hashing power, has hit a historic low at $44.842 per PH/s, according to Luxor's hashprice index as of July 4, 2024, 6 a.m. EDT.

This significant drop in revenue per petahash poses considerable challenges for Bitcoin miners, especially smaller operations.

Despite a recent increase in Bitcoin's overall hashrate to 578 EH/s from 556 EH/s based on a seven-day moving average, the declining hashprice intensifies financial pressures across the mining sector.

Smaller miners, in particular, are finding it increasingly difficult to maintain profitability amidst these reduced earnings.