As a result of another recalculation on May 25, the difficulty of mining the first cryptocurrency decreased by 4.33% to 29.9 T. The decline in the indicator was the highest since July 2021.

Over the nearly two-week period since the previous difficulty correction, the average hashrate was 214 EH/s, again down 4.3% from its high.

According to Glassnode, the 7-day moving average network computing power of the first cryptocurrency has dropped to 205.9 EH/s from an all-time high of 208.5 EH/s on May 5.

According to Arcane Research analyst Jaran Mellerud, mining profitability continues to decline.

profitability #Bitcoin Mining continues to decline.

In November, a miner could have made $500 by feeding an S19 with 1 MWh of electricity, but now that figure has dropped to $146.

S9s with the industry median power price ($40 per MWh) are now close to shutdown.

⛏️⚡️ pic.twitter.com/TxGOayEexD

— Jaran Mellerud (@JMellerud) 25 May 2022

Antminer S19 miners, consuming 1 MWh from Bitmain in November 2021, brought $ 500 to its owner. Currently, that figure has dropped to $146. S9 series devices with a corresponding $40 indicator approached the breakeven point.

In April, the company’s experts stated that there is pressure on mining profitability due to the decline in the price of bitcoin and the growth of the hash rate.

Recall that the complexity collapsed in July 2021 amid the ban on the production of cryptocurrencies in China.

In December, experts suggested that the PRC accounts for 20% of the bitcoin hashrate, contrary to the view that miners in the country will shut down their operations.

Experts from Cambridge University’s Center for Alternative Finance confirmed this view – China remains the second largest share in the computing power of the digital gold network.