The hash rate of the Bitcoin (BTC) network has recorded its steepest decline in the past three years. According to Blockchain.com's aggregation, the Bitcoin hash rate dropped from 943.6 billion terahashes/second (TH/s) to 799.9 billion TH/s between June 15 and 24, a decrease of over 15%, which is the first such figure since May.
Hash rate refers to the computational power miners invest in the Bitcoin network and is generally used as an indicator of the number of miners and mining activities. A sharp decline in hash rate suggests that miners have temporarily stopped operating equipment or that profitability has decreased.
Some analysts suggest that this hash rate drop could be a temporary phenomenon due to heat waves in the United States or regular equipment maintenance. However, given the continued pressure on mining profits, there are also opinions that structural changes or shifts in mining strategies cannot be ruled out.
This trend could potentially impact the short to medium-term trend of Bitcoin prices, drawing significant investor attention.
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