According to data from Odaily, on February 8th, Bitcoin completed a new round of mining difficulty adjustment at block height 935424, decreasing by 11.16% to 125.86 T. This is the largest single decrease since the summer of 2021 and the tenth largest mining difficulty adjustment in Bitcoin's history. Currently, the network's average hashrate over the past seven days is 990.08 EH/s.
Data shows that the total hashrate of the Bitcoin network has decreased by about 20% in the past month, with a drop of about 11% last week alone, falling to about 863 EH/s, significantly lower than the historical high of about 1100 EH/s reached in October last year. This decline in hashrate is partly due to the fact that Bitcoin's price has fallen by more than 45% from its high of $126,000, with continued outflows of ETF funds and market risk aversion putting pressure on miners' profits. On the other hand, in late January, many parts of the United States experienced winter storms, forcing some miners to reduce their hashrate to support the local power grid, resulting in a temporary outage of about 200 EH/s of hashrate.
