As a result of the next recalculation, the difficulty of mining the first cryptocurrency decreased by 2.35% to 29.57 T. The indicator has dropped to the level before the May market crash.

The average hashrate for the two-week period since the last change in the indicator was 211.6 EH/s. On June 11, network computing power (corrected by the 7-day moving average) peaked at 231 EH/s.

As of June 22, the hash rate has dropped below 200 EH/s.

Analysts at Arcane Research noted that at the current bitcoin price, miner cash flow has dropped 80% from its peak in November 2021. The latest generation ASIC miner Antminer S19 brings in about $13,000 per BTC mined (at an electricity cost of $40 per MWh). The old Antminer S9 is already running at a loss.

Why? #bitcoins Did miners have to sell their valuable bitcoins?

Cash flows are falling. The Antminer S19 is making just $13,000 per BTC – an 80% drop from its November peak (power price of $40 per MWh). https://t.co/BxVMUP4MVR pic.twitter.com/PHG4HSXhPC

— Jaran Mellerud (@JMellerud) June 22, 2022

According to Arcane Research experts, in May, publicly traded mining companies sold all bitcoin mined in a month for the first time. Typically, the share of coins sold ranged from 25% to 40%.

Against this background, Canadian company Bitfarms has announced that it is abandoning its strategy of hoarding the mined cryptocurrency. The company sold 3,000 BTC and did not rule out selling about 14 BTC mined daily.

Marathon Digital Holdings, on the contrary, has confirmed its adherence to its policy of keeping the bitcoins generated.

Recall that the drop in the price of the first cryptocurrency below $20,000 in June led to the surrender of miners and long-term investors, according to Glassnode analysts.

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