Data tracked by Coinwarz shows that on June 5, the Bitcoin network hashrate dropped from 83.6 TH/s to 79.50 TH/s, reaching levels last seen in March, a month before the April halving event.

Julio Moreno, head of research at CryptoQuant, said: “The Bitcoin network hashrate was adjusted down by 7.8% at the time, which is comparable to what happened after the FTX crash in December 2022. Miners’ profitability has been hit, with daily revenue falling from $78 million before the halving to $26 million currently.”

Moreno added: “Since the beginning of May, as mining difficulty has been adjusted downward, some miners have shut down their equipment in response to reduced profitability.” (CoinDesk) #crypto2023A