IREN - Bitcoin Mining Is Now As Easy As It Was In 2022 | Benzinga
Three months after the fourth Bitcoin halving, Bitcoin's mining difficulty has dropped to lows last seen in late 2022.
What Happened: Bitcoin's mining difficulty dropped by 7.8% over the weekend, a reduction reminiscent of the decline seen after the FTX collapse in 2022, according to CoinDesk.
Data from Coinwarz indicates that Bitcoin's mining difficulty fell from 83.6 terahash per second (TH/s) to 79.50 TH/s on June 5. This level was last observed in March, just before the halving in April.
CryptoQuant's head of research, Julio Moreno, noted that the network hashrate experienced a 7.8% drawdown, similar to the post-FTX collapse in December 2022. He mentioned that miners' daily revenues have decreased from $78 million to $26 million since the halving.
Moreno added that the decline in mining difficulty has been ...