Bitcoin hashrate decline pressures miner profitability

The Bitcoin mining industry is facing increasing pressure on its profitability, according to a Hashrate Index report. The network's 30-day average hashrate fell 5.8% to 1004 EH/s in the second quarter from 1066 EH/s in the previous quarter, marking the largest decline in recent quarters. As a result, mining profitability has significantly deteriorated. Hashprice, a key indicator of miner revenue, has hit an all-time low of $27.89 per PH/s per day.