Bitcoin Hashrate Plummets After Record; Miners Face the Music 🎭🚧

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In the grand theater of Bitcoin, the hashrate once soared to a magnificent 943 exahash per second (EH/s) on May 31, like a proud peacock showing off its feathers. But alas, in a cruel twist of fate, the network’s strength has waned by more than 75 EH/s in just a few days, leaving miners to wonder if their digital gold rush has hit a rough patch. 😂

Bitcoin’s Block Time Slows as Miners Buckle Under Difficulty Spike

Oh, those brave miners, leaping for joy at earning their highest rewards since the latest halving in April 2024, thinking the future was bright and lucrative. They celebrated their success, all the while swelling their digital coffers. Yet, as if to remind them of life’s unpredictability, the network’s power—often called hashrate—reached a dazzling peak, clocking in at 943 EH/s. But, my friends, the tide has turned. Now, with a gentle sigh, the hashrate floats down to 868 EH/s, a drop of 75 EH/s, as the seven-day moving average whispers a sobering tale of change. It’s like watching your favorite sports team lose the last quarter. Sad, but inevitable.

Total network hashrate SMA 7-days, since May 31 according to hashrateindex.com metrics. Truly, a rollercoaster ride.

And what about hashprice? Ah, the daily worth of each petahash per second—still, it’s a resilient fellow, stronger than it was a month ago, yet slipping from its lofty perch. On May 29, it was a cozy $57.12 per PH/s; now, it’s fallen 7.53%, to a humble $52.82. The villain of this decline? None other than the daunting difficulty adjustment! On May 30, the difficulty surged to an astronomical 126.98 trillion, as if the miners were asked to solve a puzzle with more pieces than there are stars in the sky. It’s like trying to find a needle in a haystack, but the haystack is made of titanium.

Bitcoin’s difficulty levels, according to hashrateindex.com. No wonder miners are pouting.

This colossal difficulty—126.98 trillion—means miners must aim for a hash that lands somewhere below 1 out of 126.98 trillion possibilities. Think of it as trying to win a lottery with billions of entries, but the jackpot keeps moving farther away. As difficulty rises, so does energy consumption and hardware fatigue, like running a marathon in lead boots. The network’s clever system of adjustments tries to keep the pace steady, changing the difficulty every 2,016 blocks, like an overzealous fitness trainer tweaking your workout.

Now, when miners see their earnings per petahash dwindle while difficulty spikes, it’s like trying to fill a bucket with a tiny teaspoon as the faucet speeds up. Profits shrink, costs soar, and the game becomes less amusing—unless you enjoy the heartbreak of economics. All this means less hashing power in play, which might explain why blocks now take about 10 minutes and 23 seconds instead of the usual 10 minutes. Perhaps the miners are taking a coffee break, or maybe they’re just tired from the effort. If the slow tempo persists, a 3.72% dip in difficulty is predicted, as if the network is yawning and saying, “Let’s take it slow, shall we?”

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2025-06-08 17:57