The Bitcoin hashrate rebounds following difficulty reduction

The Bitcoin hashrate has seen a significant uptick after Bitcoin reduced its mining difficulty two weeks ago.

The Bitcoin hashrate plummeted in June and July due to the declining bitcoin price and surging electricity prices in the US, making mining unprofitable for less efficient miners.

The falling hashrate led to the largest difficulty reduction in one year. The reduced mining difficulty, combined with the recent bitcoin price increase, has improved the profitability of mining. The mining revenue increased by 5% over the past week and is now $21.5 million, a significant growth from the bottom of $17 million two weeks ago.

Link copied to clipboard.