As a result of the next recalculation, the difficulty of mining the first cryptocurrency decreased by 5.01% – to 27.69 T. This was the maximum reduction in the indicator since the beginning of the year.
The last time the complexity dropped by a significant amount was recorded in July 2021 against the departure of miners from China.
The average hash rate over approximately two weeks since the previous recalculation was 198.15 EH/s. The computing power of the network has been declining since May.
As of July 21st (smoothed by the 7-day moving average) was around 196 EH/s, according to Glassnode . According to the service, the hash rate reached its maximum value on June 11 – 231 EH / s.
In June, analysts at Arcane Research noted that bitcoin mining profitability had fallen to 2020. The growth in hashrate and complexity may negatively impact the financial performance of cryptocurrency miners, experts emphasized at the time.
In June, public mining companies sold 14,600 BTC, representing 23% of their holdings in the first cryptocurrency.
The prices for bitcoin miners in terms of the generated hash rate also fell to 2020. However, some companies took advantage of this, particularly CleanSpark, which bought about 3,000 devices at an “exclusively discounted” price.