Bitcoin Mining Difficulty Records Largest Single Adjustment Since Summer 2021, Network's Seven-Day Average Hash Rate Drops to 990.08 EH/s

Odaily News According to Cloverpool data, on February 8th, Bitcoin completed a new round of mining difficulty adjustment at block height 935,424. The mining difficulty was reduced by 11.16% to 125.86 T, marking the largest single downward adjustment since the summer of 2021 and the tenth-largest mining difficulty adjustment in Bitcoin's history. Currently, the network's seven-day average hash rate is 990.08 EH/s.

Data shows that Bitcoin's total network hash rate has declined by approximately 20% over the past month, with a drop of about 11% last week alone, falling to around 863 EH/s. This is significantly lower than the all-time high of approximately 1100 EH/s recorded last October. The decline in hash rate is partly related to Bitcoin's price falling over 45% from its peak of $126,000, with continuous ETF outflows and market risk aversion putting pressure on miner revenues. On the other hand, a winter storm hit many parts of the United States in late January, forcing some miners to reduce their hash rate to support the local power grid, with approximately 200 EH/s of hash power temporarily interrupted.