Bitcoin mining difficulty drops 4.3%

Bitcoin mining difficulty saw a 4.33% drop to 29.9 trillion hashes yesterday as a result of another recalculation, making this the biggest difficulty drop since July last year.

According to available data, the average hashrate over the roughly two-week period since the previous correction has been 214 EH/s, also down 4.3% from its peak.

According to analysts at analytics firm Glassnode, the 7-day smoothed moving average of the cryptocurrency hashrate has fallen to 205.9 EH/s from the all-time high of 208.5 EH/s recorded on May 5.

Jaran Mellerud, an analyst at Arcane Research, has said that the profitability of mining continues to plummet. According to him, in November, a miner could earn $500 by powering a Bitmain Antminer S19 with 1 MWh of electricity, but now this figure has dropped to $146.