Although the halving will cause market turmoil in the short term and cause selling pressure by a small number of miners, it will be beneficial to the price of Bitcoin in the long term.

at present

Total Hashrate Decline: A Key Metric?

The Bitcoin network’s total hash rate, a measure of the combined computing power used to mine and secure BTC transactions, has experienced a significant decline recently.

From a peak of 658 EH/s at the end of May, it dropped to 556 EH/s on June 28.

A drop in hash rate could indicate less competition among miners, potentially affecting the security of the network and the overall mining landscape.

The impact of reduced mining difficulty.

The network’s mining difficulty also dropped significantly, dropping 7.8% from 83.68 terahertz per second (TH/s) to 79.50 TH/s. This decline is rare in Bitcoin history and indicates a weaker competitive environment for miners currently. The last similar decline occurred after December 2022, when FTX crashed, causing market volatility and BTC prices eventually stabilizing.

Historical context and market sentiment

Historically, significant drops in hashrate and mining difficulty have been associated with periods of market volatility and subsequent recoveries. For example, during the FTX crisis in December 2022, multiple mining companies faced bankruptcy, causing the bear market to capitulate. Past scenarios provide a reference point that current conditions may signal a market bottom and potential price recovery.

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