Bitcoin’s Hashrate Nosedives After Weekend High—Miners Feel the Squeeze

After attaining a peak of 946 exahash per second (EH/s), Bitcoin’s computational power has since receded beneath the 900 EH/s threshold, with corresponding mining profitability exhibiting a similar decline.

Mining Pressure Mounts: Hashrate Drops, Earnings Grow Thinner

By early afternoon Thursday, the valuation of bitcoin ($BTC) hovered just above the $104,000 threshold. Merely days prior, over the preceding weekend, Bitcoin’s hashrate registered an unprecedented peak of 946 EH/s, as indicated by the seven-day simple moving average (SMA).

However, a contraction has been observed since June 14, with the present hashrate now residing at 880 EH/s according to hashrateindex.com stats. This equates to the attrition of approximately 66 EH/s of hashrate, or roughly 66,000 petahash per second (PH/s).

The downturn follows the recent reduction in mining difficulty observed during the last retargeting event, six days prior, at block height 901152. Nevertheless, this adjustment was negligible, manifesting as a mere 0.45% decrease.

Given the recent reduction in computational power and current average block intervals protracting to 10 minutes 31 seconds per block, a 5.05% reduction is projected for June 28, 2025. This estimation, however, remains subject to revision prior to the aforementioned date.

Furthermore, mining profitability has experienced a contraction coinciding with the downward trajectory of $BTC’s valuation over the preceding week. From May 19 to June 19, the hashprice, representing the estimated worth of a singular PH/s, has diminished by 4.37%, as a single petahash is now valued at approximately $52.51, a decrease from its former $54.91.

The oscillations in Bitcoin’s current hashrate metrics and market valuation intimate a state of dynamic equilibrium in profitability. The undulating pattern of computational power and its correlating revenue serves to illuminate the challenges confronted by miners as they contend with $BTC’s price volatility and the immutable difficulty adjustments that maintain the consistent rhythm of block intervals.