Bitcoin’s hashrate has fallen to approximately 700 EH/s, a nearly 30% drop prompting a potential 9% reduction in mining difficulty, marking the steepest decline since July 2021.
Recent geopolitical events, including U.S. Airstrikes affecting Iranian facilities, have disrupted mining operations, contributing to reduced profitability and increased selling pressure for miners.
Miners are facing extreme underpayment, necessitating selling pressure to remain operational as profitability metrics show a significant decline since Bitcoin’s price fell from the $90,000-$105,000 range.
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