Coinspeaker
Bitcoin Hashrate Dips Post-Halving, Here’s Why
Bitcoin hashrate witnessed an over two-month low of 575 exahash per second (EH/s) on May 10. That is according to data from blockchain.com.
Although it has now made a slight recovery to around 586 EH/s, the dropping hashrate remains evident, begging the question of why.
Considering the halving that took place last month, expectations were that the hashrate will surge. However, that is proving not to be the case, at least, for the time being.
The Bitcoin network’s hash rate has dwindled since the halving event, and from the look of things, mining firms may have played a huge role in this reality. For context, Bitcoin mining firms have been turning off unprofitable mining rigs since the fourth Bitcoin halving. This sentiment was echoed by the head of research at CoinShares, James Butterfill, who also shared a similar perspective about the hashrate drop in an X post. Per Butterfill, the drop is a direct consequenc
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