Bitcoin’s Hashrate Nosedives After Weekend High—Miners Feel the Squeeze

CN
10 hours ago

By early afternoon Thursday, the valuation of bitcoin (BTC) hovered just above the $104,000 threshold. Merely days prior, over the preceding weekend, Bitcoin’s hashrate registered an unprecedented peak of 946 EH/s, as indicated by the seven-day simple moving average (SMA).

Bitcoin’s Hashrate Nosedives After Weekend High—Miners Feel the Squeeze

However, a contraction has been observed since June 14, with the present hashrate now residing at 880 EH/s according to hashrateindex.com stats. This equates to the attrition of approximately 66 EH/s of hashrate, or roughly 66,000 petahash per second (PH/s).

The downturn follows the recent reduction in mining difficulty observed during the last retargeting event, six days prior, at block height 901152. Nevertheless, this adjustment was negligible, manifesting as a mere 0.45% decrease.

Given the recent reduction in computational power and current average block intervals protracting to 10 minutes 31 seconds per block, a 5.05% reduction is projected for June 28, 2025. This estimation, however, remains subject to revision prior to the aforementioned date.

Furthermore, mining profitability has experienced a contraction coinciding with the downward trajectory of BTC’s valuation over the preceding week. From May 19 to June 19, the hashprice, representing the estimated worth of a singular PH/s, has diminished by 4.37%, as a single petahash is now valued at approximately $52.51, a decrease from its former $54.91.

The oscillations in Bitcoin’s current hashrate metrics and market valuation intimate a state of dynamic equilibrium in profitability. The undulating pattern of computational power and its correlating revenue serves to illuminate the challenges confronted by miners as they contend with BTC’s price volatility and the immutable difficulty adjustments that maintain the consistent rhythm of block intervals.

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