Data shows the Bitcoin Mining Hashrate has plunged almost 10% since the recent all-time high (ATH). Here’s what could be behind this trend.
Bitcoin Mining Hashrate Has Seen A Steep Drop Recently
The “Mining Hashrate” is an indicator that keeps track of the total amount of computing power that the miners as a whole have connected to the Bitcoin network. The metric is measured in terms of hashes per second (H/s) or, more practically, in terahashes per second (TH/s).
As BTC runs on a consensus mechanism based on the Proof-of-Work (PoW), miners naturally connect this computing power in order to solve mathematical puzzles and compete against each other to get a chance to add the next block to the network.
The incentive for competing on the network in this way is that the miner who adds the next block receives the block reward, a combination of the transaction fees and block subsidy, as compensation.
As such, for any miner, mining is only profitable if this reward outweigh
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