24.06.2025 13:47
Bitcoin's mining network is poised for its most significant difficulty adjustment since 2021, marking a substantial downturn in computational power. This anticipated reduction, potentially reaching 9% within the next five days, would be the most drastic since China's 2021 mining ban triggered a 50% hashrate collapse.
Over the past fortnight, a nearly 30% decline in the total hashrate securing the Bitcoin blockchain has been observed, according to data from Mempool.space. This significant drop has brought the network's hashrate to just under 700 exahashes per second (EH/s), a considerable decrease from its recent peak of approximately 1,000 EH/s, as indicated by Glassnode metrics. The dramatic shift underscores the current challenges faced by Bitcoin miners.
This evolution contrasts sharply with Bitcoin's early days, when CPUs and GPUs sufficed for mining. Today, however, the process relies almost exclusively on energy-intensive ASICs (application-specific integrated circuits), each consuming over 7,000 watts of power and requiring specialized 220-volt, high-amperage systems. This high energy consumption and specialized hardware significantly impact mining profitability.
The Bitcoin protocol's inherent self-regulation mechanism adjusts mining difficulty every 2,016 blocks, aiming for a consistent 10-minute block production rate. With fewer miners competing for block rewards, the network automatically reduces difficulty. This upcoming adjustment is anticipated to be particularly pronounced, reflecting the substantial drop in hashrate.
Data from CryptoQuant, analyzed by contributor IT Tech, paints a picture of severely underpaid Bitcoin miners. The analyst characterizes the current market as one forcing miners into distress sales to maintain operational viability. A deep dive into sustainability metrics reveals a significant downturn, with a marked increase in selling pressure, indicating miners are increasingly offloading their Bitcoin holdings rather than continuing operations. The stark contrast to the lucrative period between March and May, when Bitcoin traded between $90,000 and $105,000, highlighting the dramatic shift in miner profitability since early June. CryptoQuant's Bitcoin: Miner Selling Power chart vividly illustrates this downward trend, derived from internet sources.
