Bitcoin's mining difficulty has decreased by approximately 11%, marking the largest drop since China's 2021 crackdown on the industry. This decline, from over 141.6 trillion to about 125.86 trillion, follows a significant reduction in hashrate due to falling Bitcoin prices and winter storm-related outages in the U.S. The adjustment reflects a decrease in active mining machines, as some miners have shifted focus to artificial intelligence (AI) projects.
The drop in Bitcoin prices from an all-time high of $126,000 in October to around $69,500 has pressured miners, particularly those with outdated equipment and high energy costs, to shut down operations. Companies like Bitfarms have pivoted towards AI, boosting their share prices. Additionally, severe winter storms in Texas led to electricity curtailment requests, further impacting mining operations. Despite the challenges, the reduced difficulty offers remaining miners increased profitability potential, as it lowers competition and may signal a market stabilization or rebound.
Bitcoin Mining Difficulty Drops 11% Amid Price Decline and AI Shift
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