(((TEMPLATE))) Bitcoin mining difficulty falls TK% in sign unprofitable machines are being unplugged
The decrease in hashrate seemingly shows that miners, faced with tough economics, are unplugging unprofitable machines.
Bitcoin mining difficulty is down 7.2%, the biggest drop since July 2021, according to an update posted onIt's the largest single step down since a nearly 28% plunge following China’s crackdown on mining in the summer of last year, which caused the network’s hashrate to plummet. The most recent decrease reflects the tough mining economics companies have faced in the past few months as margins have tightened along with rising power costs and declining bitcoin prices. Conditions that have left some miners cash-strapped and buried in debt.
The significant change in difficulty — which refers to the complexity of the computational process used in mining — is likely due to unplugged machines, asA"difficulty drop is [the] result of miners shutting off machines that are no longer profitable," said Jeff Burkey, VP of Business Development at Foundry,The industry could see difficulty drop further in coming months considering how unprofitable some machines are, said William Foxley, Compass Mining's media and strategy...
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