Bitcoin mining difficulty dropped by 4.3%

On May 25, as a result of another recalculation, the difficulty of mining the first cryptocurrency decreased by 4.33% - to 29.9 T.The decline was the largest since July 2021.

Data: BTC.com.

The average hashrate over the approximately two-week period since the previous difficulty correction was 214 EH/s, also down 4.3% from its high.

According to Glassnode, the first cryptocurrency’s smoothed 7-day moving average of network computing power fell to 205.9 EH/s from the all-time high of 208.5 EH/s on May 5.

Data: Glassnode.

According to Arcane Research analyst Jaran Mellerud, mining profitability continues to plummet.

In November 2021, Antminer S19 miners fromBitmain, consuming 1 MWh, brought the owner $500. At the moment, this figure has dropped to $146. Devices of the S9 series with a corresponding indicator of $40 approached the break-even point.

In April, the company's experts noted pressure on mining profitability due to the decline in the price of bitcoin and the growth of the hash rate.

Recall that the complexity collapsed in July 2021 amid a ban on the production of cryptocurrencies in China.

In December, experts suggested that the PRC generates up to 20% of the bitcoin hash rate, contrary to the opinion about the termination of miners in the country.

Experts from the Center for Alternative Finance at the University of Cambridge confirmed this opinion - China remains the second largest share in the computing power of the digital gold network.