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 drop in the indicator since the beginning of the year.

The last time the complexity fell by a large amount was recorded in July 2021 against the backdrop of miners’ migration from China.

The average hashrate was 198.15 EH/s over the approximately two-week period since the previous recalculation. The computing power of the network has been declining since May.

According to Glassnode, it was close to 196 EH/s as of July 21 (corrected by the 7-day moving average). According to the service, the hash rate reached its maximum value at EH/s on 11 – 231 June.

In June, Arcane Research analysts noted that bitcoin mining profitability has dropped to 2020 levels. The growth in hashrate and complexity could have a further negative impact on the financial performance of cryptocurrency miners, experts emphasized at the time.

In June, public mining companies sold a total of 14,600 BTC, representing 23% of their total reserves in the first cryptocurrency.

In terms of the hash rate generated, the prices of bitcoin miners have also dropped to 2020 levels. But some companies have taken advantage of it, notably CleanSpark, which bought around 3,000 devices at a “special discount” price.

Recall that mining efficiency has increased by 46% over the year, according to the Bitcoin Mining Council. According to the organization, hash rate increased 137% over the period, and power consumption increased 63%.

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