The Difficulty of Mining Bitcoin Falls by Almost 8%

The difficulty of mining BTC decreased by 7.32%, to 34.24 T, as a result of the last recalculation. It is important to note that the last time a fall like that was seen was in July last year.

The smoothed 7-day moving average of the hash rate stands at 252 EH/s.

A further decline in mining profitability may “squeeze out” even more market participants from the market. According to Glassnode experts:

“Amid falling coin prices, rising electricity costs and a debt burden, the mining industry is in a state of extreme stress.”