A closer look at how much more difficult 2022 was for Bitcoin miners than the year prior.
The mining data site Hashrate Index has released a report reflecting on the state of the Bitcoin mining industry throughout 2022.
The 2022 yearly average hashprice was $123.88/PH/day, a steep decline from the $314.61/PH/day average in 2021. The steep decline was driven largely by the onset of Bitcoin’s bear market but also by an average 16% increase in energy costs across the United States in 2022. Rising energy costs also caused the cost of hosting services to spike. Whereas a “reasonable contract” may have offered prices at $0.05-$0.06/kWh before 2022, it’s now “not uncommon” to see rates around $0.08-0.09/kWh. “Anything below $0.075/kWh is considered “a steal” given market conditions,” the report continued.Meanwhile, the trade on ASICs– the specialized machines used to efficiently mine Bitcoin – has plummeted.
In 2022, Bitcoin’s overall hashrate rose by another 41%. This, too, was largely driven by public miners, which increased their cumulative hashrate by 59% versus a 19% increase among their private counterparts.
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