Relief is coming for Bitcoin miners.
Bitcoin’s hashrate — a measure of the raw computing power securing the network — is on track for a major difficulty adjustment.
Estimates point to a drop of around 9% by June 29. That would be the steepest drop since July 2021, when China booted its miners, sending hashrate off a cliff.
“The primary catalyst is miner revenue pressure,” Nishant Sharma, founder of Bitcoin mining communications firm BlocksBridge Consulting, told DL News.
Hashprice ,a key measure of miner profits, is “sharply below breakeven for many operations, forcing older or higher-cost rigs to shut down,” Sharma added.
For miners that have struggled amid low hashprices and a near-zero fee environment, the looming difficulty drop is a lifeline.
A sharp downward adjustment will instantly boost earnings per unit of compute, buy smaller miners a little runway, and slow the exodus of machines.