Quick Take
According to Newhedge, Bitcoin’s mining difficulty has decreased by -0.78%. This is the second negative adjustment in the last four, following the Bitcoin halving on April 20. The halving led to a delayed hash rate drawdown due to sustained high fees from Runes, which incentivized some miners to stay online.
Bitcoin: (Difficulty Adjustment Percent Change): (Source: Glassnode)
CryptoSlate reports that the hash rate recently experienced the most significant seven-day decline since 2021. Although the hash price has risen from its May 1 lows, it has compressed significantly since the halving. The hash ribbon indicator suggests ongoing miner capitulation, now over three weeks in, with expectations for several more weeks of similar trends.
Hash Ribbon: (Source: Glassnode)
Amid these developments, Kerrisdale Capital has taken a short position on Riot stock, criticizing Bitcoin mining. Riot’s shares dropped by as much as 10% on June 5 following the announcement but later recove
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