The data shows that the Bitcoin mining hashtag has already fallen from a new all-time high as the price struggle of crypto continues.

Bitcoin weekly hashrate is a sharp downward trend

“Mining Hashrate” is an indicator that measures the total amount of computing power connected to a BTC network.

When the value of this metric increases, it means that more mining rigs are coming online right now. Such a trend may suggest that miners are currently finding the network attractive.

On the other hand, the fall in the index indicates that some miners are removing their machines from the network, probably due to low profits.

In general, the higher the quality of the hashrate, the better the performance of the blockchain, while the lower value can lead to slower transactions.

Now, here is a chart that shows last year’s trends in bitcoin hashtags:

Bitcoin Mining Hashrate

Looks like the 7-day average value of the indicator has gone down in recent days | Source: Blockchain

As you can see in the graph above, the weekly Bitcoin Mining Hashrate set a new all-time high (ATH) of 231 EH / s just a few days ago.

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However, over the last two days or so, the metric has already noticed some sharp downward trend, and its value is now only around 200 EH / s.

The earnings of miners depend mainly on a few factors, the value of BTC in USD and the total network hashrate.

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Since miners usually pay their electricity bills and other running costs in dollars, the value of BTC in USD is relevant to them.

The recent crash in the price of bitcoin means that miners’ block rewards (which have a certain value overall) are now lower.

The hashrate represents the amount of competition between individual mines. The higher the value, the more divided the reward among the miners.

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Thus, higher hashtags can lead to lower rewards for all or some miners (unless they are in competition to expand their benefits).

Since these two factors have recently gone wrong from the point of view of Bitcoin miners, their revenue has suffered.

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With the constant price struggle of crypto in recent days, it seems that miners with low efficiency machines or high power consumption have started to take some rig offline by registering as hashtag reduction.

BTC price

At the time of writing, the price of Bitcoin is about $ 19.4k, down 29% on the last seven days.

Bitcoin price chart

The value of the crypto seems to have rebounded after going below $18k | Source: BTCUSD on TradingView
Featured image from Brian Wangenheim on unsplash.com, charts from TradingView.com, Blockchain.com

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