Bitcoin Mining Difficulty Drops As Global Energy Prices Soar

Bitcoin Mining Difficulty

Bitcoin mining difficulty has plummeted by 0.35% due to disconnection by unprofitable miners as the global energy prices remain elevated.

Data from Glassnode shows that the bitcoin mining hashrate has plunged from the all-time high of 248 EH/s in February to 216 EH/s lately.

The cost of energy is on the rise mainly due to crippling sanctions against Russia, one of the largest global exporters of fossil fuels.

Compass Mining founder, Whitt Gibbs, affirms that ASICs will continue leaving the network bringing down the metric, which has been on a steady surge since November.

Kazakh sector crackdown is reportedly affecting the bitcoin hashrate. The country’s regulator has seized about $200 million or 3TH/s of mining rigs citing illegal operations.

Jaran Mullerud, a researcher at Arcane, expects to see more miners close operations in Kazakhstan because of the electricity shortage and the sector crackdown.   

Source: Coindesk

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