Bitcoin Mining Difficulty Decrease: What It Means

Bitcoin mining difficulty decreased by 7.8% in July to 79.5 T, similar to the drop during the FTX crash. This is one of the most significant decreases since 2022. Mining difficulty determines the computational power needed to find a new block and is adjusted every two weeks.

Miner Sales

Average daily revenue for miners dropped from $78 million to $26 million in July. In June, miners sold over $1 billion worth of bitcoins, leading to a price drop to $53.6k. Many mining devices have become unprofitable at current prices, which may reduce seller pressure and stabilize the market.