Bitcoin Hashrate Plunges To Lowest Since Early March As Price Remains Bearish
Summary
Bitcoin mining hashrate has dropped to its lowest since early March. The decline in hashrate indicates miners are bringing machines offline due to decreased profitability. This is likely due to the recent drop in Bitcoin's price, impacting miners' revenue from block rewards. As a result, miners have been selling their stored-up rewards, contributing to an increase in Bitcoin balance for over-the-counter desks. If Bitcoin's price remains low or declines further, the mining hashrate is expected to continue falling.
