Bitcoin Mining Difficulty Sees Largest Single Adjustment Since 2021, Global Seven-Day Average Hash Rate Drops to 990.08 EH/s

BlockBeats News, February 8, according to Cloverpool data, the Bitcoin mining difficulty saw a mining difficulty adjustment at block height 935,424 yesterday evening, with the mining difficulty decreasing by 11.16% to 125.86 T; the current network's average hash rate over the past seven days is 990.08 EH/s. This is the largest single downward adjustment since the summer of 2021 and the tenth largest mining difficulty adjustment in Bitcoin's history. The total Bitcoin network hash rate has dropped by about 20% in the past month, with a recent 11% drop in hash rate to around 863 EH/s last week, far below the historical high of 1100 EH/s set in October last year.

There are two factors contributing to the hash rate decline. On one hand, the Bitcoin price has plummeted over 45% from its peak of $126,000, with continuous ETF outflows and overall market risk aversion sentiments driving the hash rate down. On the other hand, a late January winter storm forced Bitcoin miners across the United States to scale back operations to support overwhelmed residential power grids, causing an interruption of about 200 EH/s of hash rate.