New data reveals that the Bitcoin mining hashrate has fallen to its lowest level since early March.

Recent Decline in 7-Day Average Bitcoin Mining Hashrate

The term “mining hashrate” is a measure that tracks the total computing power currently linked to the Bitcoin blockchain by miners. This metric is often seen as an indicator of the overall sentiment among these miners.

When the hashrate increases, it indicates that existing miners are expanding their operations or new miners are entering the scene, suggesting a positive interest in the blockchain. Conversely, a decrease in this metric suggests miners are shutting down their machines, likely due to reduced profitability.

Shown below is a graph depicting the 7-day average Bitcoin mining hashrate over the past year:

While the hashrate hit an all-time high last month, it has since been on a downward trend, which could contribute to the current bearish momentum in Bitcoin’s price.

Miners primarily earn revenue through block rewards in BTC for solving blocks, which are directly impacted by the spot price of Bitcoin. With recent price drops affecting these rewards, miner revenue has decreased, leading to operational challenges.

Given the recent decline in mining hashrate, which is now at its lowest point since early March, further falls are expected if Bitcoin remains at its current low levels or drops further.

Miners have also been observed selling their accrued rewards due to these challenges, as highlighted in a recent analysis from CryptoQuant.

Bitcoin Price

Bitcoin’s price is currently hovering around $61,700, close to the lower end of its recent consolidation range.