Bitcoin Miners Earn As Less As COVID Era: Supply Shock Is Coming!
CryptoQuant's Research Manager Julio Moreno commented on the current situation of miners after the Bitcoin (BTC) halving.
In his social media post dated May 9, Julio Moreno included the current situation of Bitcoin miners. Pointing out that average Bitcoin miners started to have difficulties after the halving, Moreno stated that falling Bitcoin rewards shook mining revenues.
While he stated that the current situation has the worst outlook since the COVID crash in March 2020, he said that the hashrate responded to this and began a serious decline:
As a result, hashrate dropped and the network experienced its fourth negative difficulty adjustment of the year today. One month after the FTX crash, we can indirectly see lower hashrate with a -5.6% difficulty adjustment, which is the largest negative adjustment since November 2022.
According to BTC.com data, a decrease of 5.62% was recorded in the last difficulty adjustment. A similar decline was last seen on December 6, 2022. This decrease in supply brought to mind the thought that a serious supply shock might be at the door.
Shares are for informational purposes only and are not investment advice.
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