Bitcoin Mining Hashrate Extends Drawdown, Now Over 8% Down Since All-Time High
Summary
The 7-day average Bitcoin mining hashrate has declined by over 8% since reaching an all-time high, reflecting a decrease in miner activity. This decline is linked to the recent bearish momentum in cryptocurrency prices, as miner revenue is closely tied to the asset's value. The network is set to see a negative difficulty change in its next scheduled adjustment due to the constant hashrate drawdown. Despite Bitcoin's price recovery, the hashrate did not reverse, leading to a slower block time and an upcoming decrease in difficulty. Bitcoin is currently trading at around $59,700, marking a 19% increase over the past week.
