The Bitcoin price is now lower than production cost. The hashrate of bitcoin has fallen significantly since mid-2015. At The total hashrate devoted to the moment is Bitcoin Network runs at 236 exahash per Second (EH/s).
Bitcoin Hash Rate Decrease
The First week of November The digital currency market experienced a severe period in 2022. The The entire industry suffered from the FTX crash. Prior Due to the FTX boom, bitcoin traded at over $20K The Total network hashrate was between 270 and 290 exahash/seconds (EH/s).
The Day after FTX declared bankrupt, a rapid increase in hash rate growth could be observed. The The total BTC hashrate hit an all-time record on November 12, 2022 with a block height 762.845 Bitcoin Miners were able to temporarily push the hash rate to 347.16EH/s. HoweverThe hashrate dropped to 200 EH/s since then. November 26.
Currently, Bitcoin Miners have exceeded the 200 EH/s area, recording 236 EH/s at 10:15 (ET) December 2, 2022. This A decrease in hashrate means that miners have to close down their machines. Only the most skilled operators will survive.
At At the time this article was written, bitcoin’s production costs ($16.956) were very close to its spot value ($16.897). PreviouslyThe production cost of bitcoin was $18,313 November 30, significantly higher than the spot market price for BTC. Current With the reduction in BTC production costs, operators will be able keep their businesses afloat.
Bitcoin Miners also expect a significant decrease in their mining difficulty to between 6.56% & 7.9% below current difficulty rating. December 5, 2022. This According to estimates, this could lead to the greatest difficulty reduction in difficulty mining by 2022. From November 30 December 2, 2022: Around 80 exhashs of hashpower were removed form the total network havehrate.
What What are your thoughts about the current state? Bitcoin hashrate? Feel Please feel free to leave your thoughts in the comments section below.
