Part 3/17:
Looking at a five-year trend reveals a general downward trajectory, primarily driven by advances in mining hardware efficiency and energy cost inflation. With more efficient computers entering the market, the cost per hash naturally decreases over time, creating a downward pressure on hash price. However, during bull markets, hash price tends to rise, although the commodity-like nature of computing resources keeps it closely tied to underlying factors like electricity costs and hardware efficiency.
Forecasting forward, industry insiders often use a baseline of approximately $50-$60 per Phash per day as the viable operating threshold. At this level, many miners can sustain their operations, but profits hinge on energy costs and operational efficiencies.