Bitcoin Hashrate Drops Below 600 EH/s Following Hashprice All-Time Lows

Bitcoin’s hashrate continues to plummet below 600 EH/s as the post-halving struggles continue, network data shows.

According to Luxor’s Hashrate Index, bitcoin’s hashrate on a seven-day average slumped under 600 EH/s on Tuesday and continued declining to 581 EH/s on Wednesday. That is down about 10% since the recent highs around 650 EH/s right after halving.

Data from BTC.com shows the three-day and one-day average hashrate is even lower at 536 EH/s and 480 EH/s as of writing, respectively, although such data is less accurate given the short-term volatility of luck.

Bitcoin’s hashprice, the dollar value of daily mining revenue per each PH/s of computing power, plunged to all-time lows under $45/PH/s on April 29 shortly after bitcon’s fee market returned to the pre-halving levels.

As of writing, bitcoin’s hashprice is at around $48.75/PH/s, marking a 29% decrease since the last adjustment. That drop left less efficient miners with negative margins, which in turn led them to unplug their machines from the network, resulting in the hashrate drop.

However, the upcoming network adjustment is expected to drop the mining difficulty by about 6.2%. Scheduled to happen at block height 842,689, or around May 9, 13:00 UTC, the correction is set to ease the post-halving pain for bitcoin miners—at least to a certain degree.