Bitcoin Hashrate Plunges 76 EH/s: A Look at Network Performance

A recent decline in Bitcoin’s hash rate has sparked debate among miners about the balance between performance and profitability. The network’s hashrate saw a historic peak before dropping dramatically over four days, potentially impacting mining operations. This decline coincides with a 1.42% increase in difficulty, squeezing miner profits despite the continued high price of Bitcoin. 76 EH/s was lost in just four days, leading to an average block time of 11 minutes and 4 seconds, surpassing the 10-minute target. A potential adjustment scheduled for August 24th could offer relief, encouraging miners back online and accelerating network recovery.