Bitcoin Network's Hashrate Drops To Lowest Point Since Halving Event

According to Odaily, recent data from Glassnode indicates a significant drop in the current hashrate of the Bitcoin network. The hashrate, measured as a 7-day moving average, has fallen to 567 EH/s per second, marking the lowest point since the halving event. This represents a substantial decrease from the peak of 655 EH/s. Over the past week, the Bitcoin hashrate has declined by 14%, recording the largest weekly drop since July 2021. The hashrate is a key indicator of the processing power of the Bitcoin network. A lower hashrate suggests fewer miners are active, which could potentially impact the network's security and transaction speed. The halving event, which occurred in 2020, is a significant milestone in Bitcoin's lifecycle. It refers to the moment when the rewards for mining Bitcoin transactions are cut in half, effectively reducing the rate at which new Bitcoins are created. The event is designed to control inflation within the Bitcoin ecosystem. The recent drop in hashrate could be a result of various factors, including market volatility, changes in mining profitability, and regulatory developments. However, the specific reasons behind the current decrease remain unclear. Despite the drop, Bitcoin remains the largest and most influential cryptocurrency in the market.