Bitcoin mining conditions tightened sharply in late January and early February after network difficulty fell 14% over three weeks and publicly traded miner Cango disclosed a $305 million BTC sale over the weekend.
The combination of falling profitability metrics and selective balance sheet sales shows pressure spreading across the mining sector, even as broader on-chain data shows no signs of disorderly selling.
Difficulty Drops as Miners Cut Capacity
According to a February 10 brief published by on-chain analyst Axel Adler Jr., Bitcoin’s network difficulty dropped by a combined 14.1% between January 22 and February 6, following two consecutive downward adjustments of 3.3% and 11.2%. Such back-to-back cuts usually occur when less efficient mining equipment is taken offline, often during periods of weak price action.
During the same window, the price of BTC fell about 25%, briefly touching $60,000 before rebounding toward $70,000. At the time of writing, the flagship cryptocurrency wa
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