Significant Drop in Hashrate
Bitcoin’s computational power has dropped 30% from a peak of 732 EH/s. This peak occurred in May this year.
Contents
Impact of Halving on Miners
Miners had to shut down nearly a third of their devices after the halving. Consequently, they started incurring losses.
Profitability of Efficient ASICs
Currently, only the most efficient ASICs are profitable. These devices use cheap electricity and are placed under favorable conditions.
Stability for Large Players
Large players feel secure. They can afford not to sell bitcoins to cover operational expenses.
Future Outlook
Recent studies indicate that Bitcoin needs to rise above $75,000 for miners to break even. If the correction or sideways trading continues, the hashrate will inevitably decline further, coinFactiva analysts think.
