Amid Bitcoin’s price decline to levels not seen since February, the network hashrate has fallen sharply, with 145 exahashes per second (EH/s) leaving the system since late May.
As a result of the latest adjustment, mining difficulty increased to 138.96 T (trillion), according to Cloverpool. This means miners need to calculate about 139 trillion hash functions on average to mine the new 3.125 BTC — roughly $229,000 at the current price of about $73,600.
After the hashprice metric approached the $40 per petahash per second (PH/s) mark, the latest decline in Bitcoin’s price caused hashprice to fall, reducing mining profitability since May 14. The following day, the situation worsened further due to a difficulty adjustment, which increased mining difficulty by 3.12% compared to the previous epoch.
On May 15, following the latest network adjustment, Bitcoin mining difficulty increased by 3.12%, reaching 136.61 T.
Bitcoin’s mining difficulty eased this week, declining 2.43% from the prior target and settling at 135.59 trillion. This adjustment comes on the heels of the previous epoch’s 3.87% increase and marks the fifth downward revision recorded this year.
In the Bitcoin network, mining difficulty has dropped to 135.5 T, but it is expected to rise again in the next cycle, reflecting increasing pressure on the crypto mining industry.
After a 7.76% decrease in the previous difficulty epoch, Bitcoin’s network difficulty increased by 3.87% at block height 943488. This latest adjustment marks the third increase recorded this year.
The decline in hash rate and the associated pressure on miners may signal the beginning of a new phase of массовый exit of participants from the market (capitulation), which could lead to further price declines. Bitcoin’s hash rate is decreasing amid the conflict in the Middle East, which is driving up energy prices. This increases pressure on the mining sector and the market as a whole.
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