Bitcoin mining profitability dropped to $0.07 per T/hash. This is a record low for bitcoin.

On March 17, 2020, two months before halving in the bitcoin network, bitcoin mining profitability fell as low as $0.7 per T/hash. The hash rate, which has recently repeatedly updated historical highs, also showed a decline, falling to 100,000,000 TH/s. In early March, the the hash rate in the bitcoin network approached 140,000,000 TH/s. This indirectly indicates that miners began switching off their mining machines because of the low profitability of mining. First of all, this applies to owners of small mining farms.

The profitability of mining depends on several factors, among which the key ones are the cost of electricity in the regions where mining farms are located and the type of computing equipment. Bitmain's ASIC S9, still the most popular mining machine, however, suffers of lower energy efficiency than modern models. The break-even level for ASIC S9 is over $7 643. Thus, bitcoin mining using this equipment is already unprofitable.

Those miners that use Bitmain's S17 are still in the green profitable zone. The breakeven level for this type of equipment is above $3,598. Innosilicon's T3 and Avalon's machines have similar breakeven levels ($ 3,970) and 1,166 ($4,299), respectively.

Furthermore, after bitcoin halving expected in May 2020, the income of miners will decrease even more, and if the bitcoin exchange rate does not increase, many farms will be forced to turn off their equipment. And this leads to a reduction in the number of bitcoin miners and decrease in the level of decentralization of the network.