Bitcoin hashrate and difficulty may fall during the North American summer months as miners curtail some of their operations.
Miners have seen their profit margins squeezed in an already overcrowded sector after the halving cut their mining rewards by 50% while hashrate kept hitting new all-time highs. Among the main reasons for growing hashrate: previously purchased mining rigs are coming online, and the miners have been scrambling to upgrade their fleet with more efficient rigs to stay profitable after the halving.
This seasonal phenomenon has resulted in lower hashrate over the past two summers and the lower hashrate means a decline in the difficulty of mining a bitcoin block."As we enter the summer months in the United States, we're keen to see if hot weather will force miners to curtail and thus suppress hashrate growth as we saw in 2022 and 2023," according to a June 17 report by Colin Harper, head of content and research at Luxor Hashrate Index.
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