The recent data indicates a substantial drop in the 7-day average Bitcoin mining hashrate, marking the most significant decline since the China ban of 2021.

Decline in Bitcoin Mining Hashrate

The mining hashrate reflects the total computing power connected to the Bitcoin network, offering insights into the state of BTC miners. An uptrend in this metric signifies an increase in mining activity, while a decrease may indicate miners disconnecting due to profitability concerns.

Following a recent peak, the 7-day average Bitcoin mining hashrate has sharply decreased, falling from its all-time high of 657.2 TH/s to 566.8 TH/s, representing a nearly 14% decline.

After the most recent Halving event in April, which reduced block rewards for miners, the hashrate initially dropped but later recovered. However, the recent crash suggests ongoing challenges for miners.

Analysts predict further declines in hashrate, possibly exceeding previous drops, like the significant reduction caused by China’s ban on BTC mining.

Bitcoin Price and Performance

Currently, Bitcoin is trading around $69,800, showing a 3% increase in value over the past week.