{"id":15082,"date":"2022-12-02T19:09:16","date_gmt":"2022-12-02T19:09:16","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/bitcoins-total-hashrate-slides-lower-in-december-as-btc-miners-struggle-for-profits-mining-bitcoin-news\/"},"modified":"2022-12-02T19:09:16","modified_gmt":"2022-12-02T19:09:16","slug":"bitcoins-total-hashrate-slides-lower-in-december-as-btc-miners-struggle-for-profits-mining-bitcoin-news","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/bitcoins-total-hashrate-slides-lower-in-december-as-btc-miners-struggle-for-profits-mining-bitcoin-news\/","title":{"rendered":"Bitcoin’s Total Hashrate Slides Lower in December as BTC Miners Struggle for Profits \u2013 Mining Bitcoin News"},"content":{"rendered":"

(Originally posted on : Bitcoin News )<\/b>
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While bitcoin prices have been lower than the estimated cost of bitcoin production, the network\u2019s hashrate has dropped a great deal since mid-November. Presently, the total hashrate dedicated to the Bitcoin network is coasting along at 236 exahash per second (EH\/s) after dropping below the 200 EH\/s range six days ago.<\/strong><\/p>\n

Bitcoin\u2019s Hashrate Slips Lower<\/h2>\n

The first week of November 2022 was brutal for digital currency prices as FTX\u2019s collapse rippled across the entire industry in a negative fashion. Prior to the FTX fallout, bitcoin was trading above the $20K zone and the network\u2019s total hashrate was coasting along at roughly 270 to 290 exahash per second (EH\/s) before the blowout.<\/p>\n

There was a quick burst of increased hashrate the day after FTX filed for bankruptcy and BTC<\/a>\u2019s total hashrate tapped an all-time high on Nov. 12, 2022. At block height 762,845, bitcoin miners managed to get the hashrate to briefly rise to a whopping 347.16 EH\/s. Since then, the hashrate has divebombed and slid below the 200 EH\/s range on Nov. 26.<\/p>\n

\"Bitcoin's<\/p>\n

Presently, bitcoin miners have managed to rise above the 200 EH\/s region, to the current 236 EH\/s recorded at 10:15 a.m. (ET) on Dec. 2, 2022. The drop in hashrate indicates that unprofitable mining entities have been forced to shut down machines, while only the strong operators survive.<\/p>\n

At the time of writing, the estimated<\/a> cost of bitcoin production ($16,956) is awfully close to the leading crypto asset\u2019s spot market value ($16,897). Previously, the cost of bitcoin production was $18,313 on Nov. 30, which was significantly higher than BTC<\/a>\u2019s spot market value. With a drop in BTC<\/a> production costs, it makes it easier for current operators to survive.<\/p>\n

Bitcoin miners are also expecting a large mining difficulty reduction between 6.56% to 7.9% lower than today\u2019s difficulty rating on or around Dec. 5, 2022. Presently, the estimated mining difficulty reduction could be the largest difficulty drop<\/a> the network has seen in 2022. Since Nov. 30, up until Dec. 2, 2022, roughly 80 exahash of hashpower has been removed from the network\u2019s total hashrate.<\/p>\n

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Bitcoin<\/a>, Bitcoin (BTC)<\/a>, Bitcoin Miners<\/a>, Bitcoin mining<\/a>, bitcoin mining sector<\/a>, block rewards<\/a>, block times<\/a>, Blocks<\/a>, braiins.com<\/a>, cash reserves<\/a>, Change in Difficulty<\/a>, Cost of Production<\/a>, Cryptoslate<\/a>, difficulty change<\/a>, difficulty retarget<\/a>, glassnode<\/a>, Hash Price<\/a>, Macromicro.me<\/a>, Miners<\/a>, mining<\/a>, Mining BTC<\/a>, Mining Difficulty<\/a>, Mining Operations<\/a>, Mining Pools<\/a>, Mining Report<\/a>, pay down debt<\/a>, selling BTC<\/a><\/div>\n<\/div>\n

What do you think about the current state of Bitcoin\u2019s hashrate? Let us know what you think about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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