Bitcoin's so-called hash price has dropped to fresh all-time lows following Bitcoin’s fourth halving on April 20, despite a brief jump in revenue attributed to the hype surrounding Runes etching and hash rate remaining at comparatively high levels.

Hash price is a term coined by Bitcoin mining services firm Luxor, referring to the expected value of 1 PH/s or 1 TH/s of hashing power per day. The metric quantifies how much a miner can expect to earn from a specific quantity of hash rate.

According to data from Hashrate Index, hash price fell below $50 per PH/s per day ($0.05 per TH/s per day) for the first time in its history today as bitcoin’s price fell below $63,000 following miners’ subsidy reward drop from 6.25 BTC per block to 3.125 BTC post-halving.

The Bitcoin hash price is now …