Quick Take
A recent analysis by CryptoSlate indicates that Bitcoin miners continue to capitulate, as evidenced by the hash ribbon metric.
Glassnode data shows that the current hash rate, observed on a seven-day moving average, has dropped to 567 exahashes per second (EH/s), marking its lowest point since the post-halving period. This is a significant drop from the peak hash rate of 655 EH/s.
Over the past week, the hash rate has declined by 14%, representing the steepest 7-day moving average decrease in Bitcoin’s hash rate since July 2021, during the China mining ban — which experienced an over 22% drop.
Despite the declining hash rate, the upcoming difficulty adjustment, set for May 6, is expected to increase by over 1%, according to Newhedge.
Interestingly, hash price data from Luxor shows a slight upward trend. It is currently valued at $56 per petahash per second (PH/s), up from a low of approximately $45 PH/s on May 1.
The rise in hash price suggests that despite the potential rise in mining difficulty, miners’ potential profitability is also improving, offering some respite amid the current challenges.
James Van Straten
James fervently appreciates data, technology, and trend-spotting. As a tech and liberty maximalist, he hails Bitcoin as the 21st century’s paramount invention.
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