In what can only be described as the latest episode of crypto calamity, Bitcoin‘s hashprice has tumbled below the $35 mark per petahash per second (PH/s), leaving miners clutching their charts and wondering if the network difficulty is secretly a cruel joke.
This insightful dispatch comes courtesy of Theminermag, the premier publication for those brave souls who still believe mining is a sport-and perhaps a quaint hobby-amidst the chaos of institutional dabbling and ever-volatile digital gold.
BTC currently serenades us at about $83,000 this fine Saturday-more like a distant memory now than a recent peak. That hefty drop of over 30% from its all-time high last month has caused the usual panic, wiping out this year’s gains faster than a gambler’s luck, and dragging mining economics into a deep, red-ink abyss. The record-setting hashrate and difficulty levels earlier this month only made things worse, shrinking the precious little that miners can extract per unit of effort. Fancy that!
But wait, there’s a silver lining-or perhaps just a flickering candle of hope. Early signs suggest some miners are finally throwing in the towel. The seven-day moving average of Bitcoin’s hashrate has slipped from a lofty 1.124 zettahash per second (ZH/s) mid-November to a modest 1.06 ZH/s. Apparently, hardware is being unplugged faster than a TV at a teenager’s sleepover, as margins tighten tighter than grandma’s corset.
At this dreary pace, the network is on track for a negative difficulty adjustment of perhaps 2%-or more-within four days, if the hashrate continues its charming decline. Because nothing says “party” like falling hashrate and shrinking profits, right?
This latest downturn in profitability follows months of tepid transaction fee revenues and a sudden, frenetic expansion of hashrate since last year’s halving-no doubt a desperate attempt by operators to cling to some semblance of profitability, now clinging to the market’s mercy like a cat on a hot tin roof.
For a more in-depth plunge into this digital disaster, click here.
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2025-11-23 13:57