MARA’s performance reflects the slide in hashprice, the expected daily revenue generated by a unit of bitcoin mining power. In July last year, the hashprice was $63 for each petahash per second (PH/s) of power. It’s now around $31.80 per PH/s.
Not surprisingly, an increasing number of miners are finding it unprofitable to continue production and are turning off their machines, a process known as capitulation. As a result, the Bitcoin network’s hashrate — a measure of mining power — has dropped to 900 exahash per second (EH/s) from 1.14 zettahash per second (ZH/s), or about 21%.
