The mining industry has been hit hard by declining Bitcoin prices
Last month, Bitcoin’s mining difficulty peaked at an all-time high of 35.6 trillion. However, it has declined sharply from that peak now that miners are switching off their machines en mass amid a brutal bear market. Due to the double-whammy of declining crypto prices and the advent of more efficient mining machines, many miners are no longer capable of turning a profit.
As per BTC.com data, the Bitcoin network is currently on track to record another negative adjustment two weeks from now. Each difficulty adjustment occurs every 2,016 blocks in order to make sure that the supply of new coins remains stable.
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