Bitcoin mining difficulty fell by 7.32%, to 34.24 T.
A decline of that magnitude was last seen in July 2021.
The smoothed 7-day moving average of hashrate stands at 252 EH/s.
Hashprice continues to hit historical lows, at around $0.06. Further declines in mining profitability could push even more participants out of the market.
“In the face of falling coin prices, rising energy costs, and a mounting debt burden, the mining industry is under extreme stress,” — Glassnode analysts.
Earlier, Iris Energy shut down a large portion of its equipment after two of its subsidiaries received a default notice.
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