Bitcoin Hashrate Erases Recovery As BTC Price Continues Bearish Action
Summary
Bitcoin Hashrate has recently declined as the cryptocurrency's price continues to fall. The Mining Hashrate, which tracks the total computing power of miners on the Bitcoin network, had increased in mid-August but has since retreated to levels similar to early August. This decline suggests that some miners may be disconnecting due to unprofitability linked to the current BTC price. Miners' income primarily depends on the BTC spot price, as block subsidies are fixed in BTC. Recently, miners sold 2,655 BTC, valued at over $156 million. Bitcoin's price is approximately $59,000, down over 5% in the past week.
