Bitcoin's hash price has plummeted to a five-year low, currently standing at $38.2 per petahash per second (PH/s), according to Luxor data. This decline reflects the expected revenue miners can earn from their computing power, influenced by factors such as network difficulty, Bitcoin price, block subsidies, and transaction fees. Despite the low hash price, Bitcoin's hashrate remains near record levels, with a seven-day moving average surpassing 1.1 zettahashes per second (ZH/s). The Bitcoin network's difficulty is close to its all-time high of 152 trillion, contributing to the reduced hash price. Transaction fees are also notably low, with high-priority transactions costing just 25 cents or 2 satoshis per vByte, as reported by mempool.space. These conditions highlight the challenging environment for Bitcoin miners, balancing high network difficulty with low transaction fees.