Odaily Planet Daily News According to Cloverpool data, on February 8, Bitcoin completed a new round of mining difficulty adjustment at block height 935424, with the mining difficulty decreasing by 11.16% to 125.86 T, the largest single adjustment since summer 2021, and also the tenth largest mining difficulty adjustment in Bitcoin's history. Currently, the seven-day average network hash rate is 990.08 EH/s.
Data shows that the total hash rate of the Bitcoin network has dropped by about 20% in the past month, with the hash rate alone declining by about 11% last week, falling to approximately 863 EH/s, significantly lower than the historical high of about 1100 EH/s set in October last year. The decline in hash rate is partly related to the Bitcoin price falling more than 45% from its high of $126,000, with ETF funds continuously flowing out and market risk-aversion pressuring miners' earnings; on the other hand, in late January, several areas in the United States were hit by winter storms, forcing some miners to reduce their hash rate to support the local power grid, with about 200 EH/s of hash rate temporarily interrupted.