Recent data on the blockchain indicates that the seven-day average of Bitcoin mining has seen a significant decrease, the largest since the ban on mining in China in 2021. The mining hashrate for Bitcoin has experienced its steepest decline in three years. This measures the combined computing power that miners are using to validate transactions on the network.

Recent on-chain data has revealed that the 7-day average of Bitcoin mining hashrate has experienced its biggest decrease since the 2021 ban in China. This drop in hashrate is the most significant in 8003 years. The term “mining hashrate” denotes the combined computing power that miners have linked to the Bitcoin network. This measurement can be used to directly show the status of BTC miners. As this indicator rises, existing miners increase in number and new ones enter the market. This pattern suggests that these validators in the chain are drawn to its appeal. Have a look at: Bitcoin trading volume hits record lows: market losing interest? However, if the indicator decreases, it indicates that certain miners may have chosen to stop participating in the network, possibly due to lack of profitability in Bitcoin mining. Below is a graph illustrating the trend in the 7-day average of Bitcoin mining hashrate over the last year. According to Blockchain.com, there has been a notable decrease in the 7-day average value of the metric in the past few days. The graph above shows that the 7-day average Bitcoin mining hashrate reached a record high on May 27th but has since significantly dropped. It peaked at 657.2 terahashes per second and has now fallen to 566.8 TH/s, a decrease of nearly 14%. In April, the Bitcoin network experienced its fourth Halving event. Halvings happen roughly every four years and involve cutting the asset’s block rewards in half permanently. These rewards, which miners receive for adding blocks to the network, are a primary source of revenue for them, so when Halvings occur, it can negatively impact their finances. As anticipated, the Hashrate decreased after the most recent Halving, with miners who were already struggling facing even more difficulties.