Certainly! Here’s a creatively re-expressed version of the article:
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**Bitcoin Mining: A Challenging Venture Post-Halving**
*By Andrew Throuvalas*
*Updated: June 27, 2024, 14:10 EDT | 2 min read*
In the wake of the recent halving event, Bitcoin miners are facing unprecedented financial pressures, as evidenced by the historic lows in “hashprice” reported by the Hashrate Index over the last two months.
**Navigating the Complexities of Bitcoin Mining**
The Hashrate Index has recorded a stark decline in hashprice from $92.20 per petahash per second (PH/s) on April 19, the day of the halving, to a mere $44.76 by May 1. This metric, denoted as USD/PH/Day, reflects the daily earnings of miners per unit of active hashrate.
The term ‘hashrate’ refers to the computational power miners use to generate hashes, which are solutions to the cryptographic puzzles that secure Bitcoin transactions. One petahash per second translates to an astounding one quadrillion attempts per second.
Hashprice fluctuates with several factors, including the size of Bitcoin block rewards, the cryptocurrency’s market price, and the network’s total hashrate. The halving on April 19 halved the block reward from 6.25 BTC to 3.125 BTC, contributing to the hashprice’s decline.
**A Turbulent Market for Bitcoin**
June has seen a significant 11% drop in Bitcoin’s value, driven by regulatory pressures from the U.S. and Germany and anxieties over potential mass sales by Mt. Gox bankruptcy claimants. As of June 27, the hashprice stands at $47.80/PH/DAY.
**Scaling Down: The Miner’s Response**
The reduced profitability has led to a scaling back of mining operations. Post-halving, the total network hashrate has decreased from 625 exahashes per second (EH/s) to 581 EH/s, as per Blockchain.com.
Marathon Digital (MARA), a leading Bitcoin mining company, has notably increased its Bitcoin sales, offloading 1400 BTC in early June, a significant increase from 390 BTC sold in May. On June 9, miners collectively sold 3000 BTC on exchanges and an additional 1200 BTC through OTC desks, marking the largest single-day sale since March.
**Diversifying Mining Strategies**
Marathon Digital has also announced a strategic shift towards mining Kaspa, an alternative proof-of-work cryptocurrency, yielding a profit of $16 million since the previous fall.
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