The difficulty of mining bitcoin just dropped by 7.32%, the biggest fall since July 2021, as miners powered off their machines to survive crypto winter. egreechee reports.
The situation has been exacerbated by new, more efficient machines being delivered and more miners coming online as projects started months ago reached fruition,. Between early August and the last upward adjustment on Nov. 21, the hashrate and difficulty both increased by about one-third.The reality of crypto winter now seems to have caught up with the industry, and bitcoin miners are turning off their machines. The hashrate started dropping around mid-November as profitability took a hit.
On top of that, energy prices have increased in the last few days, along with the price of natural gas. “Miners buying spot electricity and already operating close to break-even may have seen their electricity prices rise just enough to flip their operations into cash-flow-negative territory,” Mellerud said.
This latest lower hashrate and difficulty doesn’t leave the network more vulnerable to attack. The computing power is spread among five big mining pools and another 12 smaller ones,
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