Bitcoin mining difficulty saw its largest single drop since the summer of 2021, with the network's seven-day average hashrate falling to 990.08 EH/s.

According to Cloverpool data, on February 8th, Bitcoin completed a new round of mining difficulty adjustments at block height 935424, with the mining difficulty decreasing by 11.16% to 125.86 T. This is the largest single decrease since the summer of 2021 and the tenth largest mining difficulty adjustment in Bitcoin's history. Currently, the network's average hashrate over the past seven days is 990.08 EH/s. Data shows that the total Bitcoin network hashrate has decreased by approximately 20% in the past month, with a decrease of approximately 11% last week alone, falling to approximately 863 EH/s, significantly lower than the historical high of approximately 1100 EH/s reached last October. The decline in hashrate is partly due to the fact that Bitcoin prices have fallen by more than 45% from their high of $126,000, with continued outflows of ETF funds and market risk aversion putting pressure on miners' profits. On the other hand, in late January, many parts of the United States were hit by winter storms, forcing some miners to reduce their hashrate to support the local power grid, and about 200 EH/s of hashrate was temporarily interrupted.