Bitcoin Mining Hashrate Declines Amidst Low Hashprice

The Bitcoin mining landscape is facing challenges as the 7-day average hashrate continues to decline. According to Hashrate Index, the hashrate has fallen from 635 exahashes per second (EH/s) to 579 EH/s over the past month, marking a 12% drop from its all-time high. This decline comes as the hashprice, the dollar value of daily mining revenue per petahash per second (PH/s) of computing power, trends just above all-time lows, according to Hashrateindex.

Bitcoin’s mining difficulty has also decreased slightly, by less than a tenth of a percent last week. While it is too early to predict the next difficulty adjustment, early indicators suggest another potential downward adjustment. This could provide temporary relief to miners who are operating near or at breakeven, as the hashprice recently dipped below $50/PH/Day for the first time in over a month.