{"id":307545,"date":"2023-03-10T14:30:16","date_gmt":"2023-03-10T14:30:16","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=307545"},"modified":"2023-03-10T13:53:43","modified_gmt":"2023-03-10T13:53:43","slug":"bitcoin-hashprice-drops-as-miners-face-possible-30-energy-tax","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-hashprice-drops-as-miners-face-possible-30-energy-tax\/","title":{"rendered":"Bitcoin hashprice drops as miners face possible 30% energy tax"},"content":{"rendered":"<p>Bitcoin's (BTC) hashprice has significantly plummeted in recent weeks, dropping to its early January levels \u2014 a potential sign that the mining bull run might be over.<\/p>\n<p>Hashprice measures the market value for each unit of hashing power. BTC's price determines Hashprice's value alongside the network difficulty and transaction fees.<\/p>\n<p>With BTC's network difficulty soaring to new all-time highs and the asset's value dropping to a two-month low, miners could face a hard time as hashprice fell to $61.38\/P.H.\/Day, according to hashrate index <a href=\"https:\/\/data.hashrateindex.com\/chart\/bitcoin-hashprice-index\">data<\/a>.<\/p>\n<figure id=\"attachment_307649\" aria-describedby=\"caption-attachment-307649\" style=\"width: 2019px\" class=\"wp-caption aligncenter\"><img loading=\"lazy\" decoding=\"async\" class=\"size-full wp-image-307649\" src=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/Fq2D56JXsAAq-9L.jpg\" alt=\"Bitcoin Hashprice\" width=\"2019\" height=\"933\" srcset=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/Fq2D56JXsAAq-9L.jpg 2019w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/Fq2D56JXsAAq-9L-300x139.jpg 300w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/Fq2D56JXsAAq-9L-1024x473.jpg 1024w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/Fq2D56JXsAAq-9L-768x355.jpg 768w, https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/Fq2D56JXsAAq-9L-1536x710.jpg 1536w\" sizes=\"(max-width: 2019px) 100vw, 2019px\" \/><figcaption id=\"caption-attachment-307649\" class=\"wp-caption-text\">Source: Hashrate Index\/Jaran Mellerud<\/figcaption><\/figure>\n<h2>What does this mean for miners?<\/h2>\n<p>Hashrate Index researcher Jaran Mellerud said Bitcoin's mining difficulty and hashrate soared by over 20% in 2023 following the digital asset improved price performance.<\/p>\n<p>He noted that BTC's performance incentivized many marginal operators to turn on their machines, which increased market competition.<\/p>\n<p>However, the flagship digital asset's <a href=\"https:\/\/cryptoslate.com\/crypto-liquidations-tops-300m-as-bitcoin-drops-below-20k\/\">crash below $20,000<\/a> has erased half of the gains it made in 2023. This means miners face a <a href=\"https:\/\/cryptoslate.com\/research-public-bitcoin-miners-in-better-financial-health-despite-12-1-yoy-drop-in-btc-holdings\/\">2022-like situation<\/a> where BTC's falling value made mining unprofitable.<\/p>\n<p>Mellerud highlighted that BTC's hashrate would likely increase as more miners plug in their machines in the coming months. Already, several miners have revealed <a href=\"https:\/\/cryptoslate.com\/despite-82-drop-in-quarterly-revenue-bitcoin-mining-hardware-manufacturer-canaan-remains-optimistic\/\">intentions<\/a> to increase their mining capacity by bringing more devices online.<\/p>\n<p>Mellerud <a href=\"https:\/\/twitter.com\/JMellerud\/status\/1634111834629320711?s=20\">added<\/a>:<\/p>\n<blockquote><p><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">&#8220;If hashprice is to stay at the current level, the B<\/span><span class=\"r-18u37iz\">itcoin<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> price must increase considerably&#8230; The recent hashprice development shows the importance of hedging revenues.&#8221;<\/span><\/p><\/blockquote>\n<h2>Miners face a 30% crypto-mining tax<\/h2>\n<p>U.S.-based BTC miners' situation could be compounded by the proposed 30% taxation on all energy costs involved in cryptocurrency mining.<\/p>\n<p>U.S. President Joe Biden's 2024 budget <a href=\"https:\/\/cryptoslate.com\/biden-budget-proposal-aims-to-reduce-deficit-by-74m-in-2024-via-energy-tax-on-crypto-miners\/\">plan<\/a> included a new tax proposal on crypto mining. The government said crypto mining activities require colossal energy usage and could hurt the environment. It added that mining activities could raise electricity prices and cause uncertainties around local energy utilities.<\/p>\n<p>The CEO of Satoshi Act Fund, Dennis Porter, <a href=\"https:\/\/twitter.com\/Dennis_Porter_\/status\/1633962941207724038?s=20\">described<\/a> the proposal as &#8220;unfair and targeted discrimination.&#8221; He added that the taxation would &#8220;<span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\">effectively kill <\/span><span class=\"r-18u37iz\">Bitcoin<\/span><span class=\"css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0\"> mining in the USA.&#8221;<\/span><\/p>\n<h2>Public miners' stock tank<\/h2>\n<p>Following the series of events, the stocks of several Bitcoin miners have tanked in the last 24 hours.<\/p>\n<p>According to Google Finance data, Riot's stock is <a href=\"https:\/\/www.google.com\/finance\/quote\/RIOT:NASDAQ?sa=X&ved=2ahUKEwiwua74qdH9AhUHSfEDHexaA3UQ3ecFegQIHxAg\">down<\/a> 12.22% to $5.53, while Hut 8 shares <a href=\"https:\/\/www.google.com\/finance\/quote\/HUT:TSE?sa=X&ved=2ahUKEwismsHEqtH9AhX6Q_EDHW3sAZIQ3ecFegQIHRAg\">fell<\/a> 14% to $1.75. Marathon Digital and Canaan also saw their shares decline by 11% and 7%, respectively.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Bitcoin&#8217;s (BTC) hashprice has significantly plummeted in recent weeks, dropping to its early January levels \u2014 a potential sign that the mining bull run might be over. Hashprice measures the market value for each unit of hashing power. BTC&#8217;s price determines Hashprice&#8217;s value alongside the network difficulty and transaction fees. With BTC&#8217;s network difficulty soaring [&hellip;]<\/p>\n","protected":false},"author":720,"featured_media":307612,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2376],"tags":[76769,78295],"prediction_market_topic":[],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin hashprice drops as miners face possible 30% energy tax<\/title>\n<meta name=\"description\" content=\"Bitcoin miners could face a 2022-like situation where BTC&#039;s falling value made mining unprofitable.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-hashprice-drops-as-miners-face-possible-30-energy-tax\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin hashprice drops as miners face possible 30% energy tax\" \/>\n<meta property=\"og:description\" content=\"Bitcoin miners could face a 2022-like situation where BTC&#039;s falling value made mining unprofitable.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-hashprice-drops-as-miners-face-possible-30-energy-tax\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2023-03-10T14:30:16+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-03-10T13:53:43+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2023\/03\/bitcoin-hashprice.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Oluwapelumi Adejumo\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Oluwapelumi Adejumo\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-hashprice-drops-as-miners-face-possible-30-energy-tax\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-hashprice-drops-as-miners-face-possible-30-energy-tax\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#person\",\"name\":\"Oluwapelumi Adejumo\",\"url\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/oluwapelumi-adejumo\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2025\/12\/profile-photo-oluwapelumi-adejumo-300x300.jpg\",\"caption\":\"Oluwapelumi Adejumo\"},\"jobTitle\":\"Senior Reporter\",\"description\":\"Oluwapelumi values Bitcoin's potential. 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