Decoding Bitcoin’s 20% hashrate decline: Why are miners struggling?

📆 5/16/2024 1:32 AM
📰 CryptoAmb

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The decline in Bitcoin’s [BTC] hashrate post-halving hints at a potential miner capitulation, pseudonymous CryptoQuant analyst...

After this, the total combined computational power used to mine and process transactions on the network, rallied to a year-to-date high of 728.27E on the 23rd of April.

When it spikes, it suggests reduced mining activity on the Bitcoin network, which signals the exit of less efficient miners from the market due to decreased profitability. The network’s Miner Reserve, at 1.8 million BTC at press time, has decreased by 1.1% since the 19th of April, according to CryptoQuant’s data.

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