The difficulty of mining BTC has fallen by 2.35% to 29.57 T as a result of the latest recalculation. The indicator has dropped to the level that preceded the May market crash.
The average hashrate for the two-week period since the last change in the indicator was 211.6 EH/s. On June 11, the network computing power (smoothed by the 7-day moving average) peaked at 231 EH/s.
As of June 22, the hashrate has dropped below 200 EH/s.
Arcane Research analysts have noted at the current price of Bitcoin, miner cash flow has decreased by 80% from the peak in November 2021. The latest generation ASIC miner Antminer S19 brings in about $13,000 per BTC mined at an electricity cost of $40 per MWh. The outdated Antminer S9 is already operating at a loss.
According to Arcane Research experts, in May, public mining companies sold all Bitcoins mined in a month for the first time. Typically, the share of sold coins ranged from 25% to 40%.