Bitcoin difficulty drops by 7.23%. It's the biggest adjustment since mid-2021 as miners continue to grapple with a tough year.
by Cointelegraph, the third quarter of this year saw increased cost to produce new BTC coincided with dropping value of the preeminent cryptocurrency. Rising energy costs dug further into miner profit margins in the U.S. and Europe, leading some operations to shut down.
The revenue of Bitcoin miners fell to two-year lows at the end of November, exacerbated by poor cryptocurrency market performance and heavier computational demands. This eventually led to capitulation of some mining operations which has led to a recent drop in hash rates which accounts for the latest difficulty adjustment.on Dec.
“Many miners operate close to cash flow break-even and will be forced to turn off their machines if market conditions worsen.” Mellerud also argued that significant increases in hashrate up until Q2 2023 could be expected if the price of Bitcoin rises through the end of the year.
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