Bitcoin, the world’s largest cryptocurrency by market capitalization, has reached another milestone in its history. As of April 2025, Bitcoin’s hashrate has exceeded 1 zettahash per second (ZH/s) for the first time ever. This development marks a new phase of computational power supporting the Bitcoin network. However, this achievement comes at a time when miner revenue has plunged to an all-time low, raising concerns about the profitability and sustainability of mining operations.
This article explores what the 1 ZH/s milestone means, the implications of record-low miner revenue, and how these developments are impacting the broader Bitcoin ecosystem.
What Is Bitcoin Hashrate?
Understanding Hashrate
Hashrate refers to the total computational power used to mine and process transactions on a proof-of-work blockchain like Bitcoin. It is usually measured in terahashes (TH/s), petahashes (PH/s), exahashes (EH/s), and now, zettahashes (ZH/s).
The Significance of 1 ZH/s
To put it into perspective:
- 1 ZH/s = 1,000 exahashes per second (EH/s)
- This milestone means the Bitcoin network is now processing more than 1 sextillion hashes every second
This level of power increases the network’s security and resistance to attacks. It also shows growing investment in mining infrastructure, especially in regions with low-cost energy.
Record Hashrate, But Record-Low Revenue
Miner Revenue Hits $24.4 Million Daily
Despite the massive hashrate, daily miner revenue has dropped to $24.4 million, according to Blockchain.com. This is one of the lowest levels recorded since mid-2021.
Revenue Breakdown:
- Transaction fees: $3.1 million
- Block subsidies: $21.3 million
The decline in revenue is mainly due to lower transaction volumes and fee compression. The growing competition among miners is also reducing profitability.
Factors Behind the Hashrate Surge
Increased Mining Efficiency
One reason for the hashrate surge is the deployment of next-generation mining hardware like Bitmain’s Antminer S21 and MicroBT’s WhatsMiner M60 series, which offer significantly higher efficiency.
Institutional Mining
Large-scale mining firms have continued to expand, especially in regions like:
- Texas, USA
- Russia
- Kazakhstan
These firms benefit from cheap electricity and economies of scale, making them less vulnerable to short-term dips in revenue.
Pre-Halving Buildup
Miners are also preparing for the next Bitcoin halving event, expected in mid-2025. They are ramping up operations to accumulate as many BTC as possible before the block reward is cut in half.
Challenges for Small Miners
High Energy Costs
With the hashrate climbing, small and mid-sized mining operators are facing serious pressure due to high energy costs and limited access to newer equipment.
Break-Even Price Rising
The break-even cost of mining one Bitcoin is estimated to have climbed above $35,000, making it difficult for miners to stay profitable when BTC prices fluctuate below $70,000.
Market Reaction
Bitcoin Price Action
As of April 7, 2025:
- Bitcoin price: $84,300
- 24-hour change: +1.1%
Despite low mining revenue, Bitcoin’s price has remained resilient. This stability may be due to long-term investor confidence and growing institutional involvement.
Investor Sentiment
Google Trends and social media platforms indicate a neutral-to-bullish sentiment around Bitcoin. Keywords like “Bitcoin hashrate” and “Bitcoin mining profitability” are trending globally.
What This Means for the Network
Higher Security
A higher hashrate makes the network more secure and resilient against potential 51% attacks. This is particularly important as the network grows in value and adoption.
Decentralization Concerns
While hashrate is increasing, it is becoming increasingly concentrated in the hands of a few institutional players. This could raise concerns about the centralization of mining power.
Expert Opinions
Industry Analysts Weigh In
- Jameson Lopp (Casa Co-Founder): “1 ZH/s is a monumental achievement. It’s a testament to the health and scale of the Bitcoin network.”
- Lyn Alden (Macro Strategist): “While the hashrate shows strength, declining miner revenue may lead to industry consolidation, squeezing out smaller players.”
Looking Ahead: Key Considerations
Post-Halving Mining Landscape
The upcoming halving will reduce block rewards from 6.25 BTC to 3.125 BTC, which could intensify the financial pressure on miners unless transaction fees increase to compensate.
Potential for Mining Innovation
Miners may look into:
- Renewable energy sources
- Immersion cooling technologies
- Mining optimization software
These innovations could help improve profit margins and reduce environmental concerns.
Conclusion: A Milestone With Mixed Signals
Bitcoin reaching 1 zettahash per second is a historic and technically impressive feat, showcasing the robustness of the network. However, the concurrent decline in miner revenue presents a paradox: greater security, but lower profitability.
As Bitcoin inches closer to its next halving event, the dynamics of the mining ecosystem will continue to evolve. While the major players seem equipped to handle the pressure, smaller operations may need to adapt quickly or risk being pushed out of the market.