Bitcoin Miners Grapple With $20M March Earnings Dip as Hashprice Swings 

March’s financial metrics reveal a $20 million contraction in bitcoin miners’ earnings relative to February. Simultaneously, the hashprice—the theoretical daily yield of 1 petahash per second (PH/s)—diminished by 3.93% from its early March benchmark.

Hashprice’s 3.93% Slide Meets 862 EH/s Frenzy

Fresh data collected on April 1, 2025, via hashrateindex.com, illustrates a descent in hashprice from $48.84 per PH/s on March 1 to the current $46.92. This figure encapsulates the hypothetical daily return for 1 PH/s of mining production. Despite the month’s downward trajectory, the hashprice oscillated dramatically, climbing to a peak of $54.38 in early March before eroding to a trough of $44.05 by March 10.

Though revenue for 1 PH/s has contracted by 3.93% since March’s outset, it has rebounded by 6.52% from its March 10 low. Analyses reveal bitcoin miners suffered a $20 million shortfall in March revenue relative to February, per theblock.co’s dataset. February saw miners garner $1.24 billion in earnings, $1.22 billion of which stemmed from the subsidy. March’s data reflects $1.22 billion accumulated, with $1.21 billion originating from the block subsidy.

Onchain fees contributed $16.45 million to February’s total, while March logged $15.11 million from this stream. Moreover, Bitcoin’s hashrate achieved an unprecedented pinnacle in March, soaring to 862 exahash per second (EH/s). Block intervals have clipped along at a brisker pace than the 10-minute benchmark, with an anticipated difficulty adjustment slated for April 5, 2025.

Meanwhile, the end of March and early April has witnessed subdued onchain transactional throughput, with blocks languishing below capacity during daylight hours. This lull has compressed onchain fees to a mere 1-4 satoshis per virtual byte (sat/vB)—translating to slimmer profit margins for mining operations.

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