Bitcoin [BTC]’s hashrate and what its fall means for miners and their shutdown price
— Leaving, Operating, Miner would, Market, Cryptocurrency investors, 41 %., Fallen, Excess, Ceo mike levitt stated, Total exchange outflows — 1 min read
Bitcoin mining difficulty has dropped by 1.41% on 7 July. The mining difficulty is a measure of how hard a miner would have to work to verify transactions on a block in the blockchain, or “dig out” Bitcoins. Core Scientific sold 79% of its Bitcoin holdings in June to survive the bear market. The company sold 7,202 Bitcoins for around $23,000 each, gaining nearly $167 million. Core Scientific’s CEO Mike Levitt stated that the current bear cycle is putting tremendous pressure on the market. Overall, if things continue the way it has, BTC would fail to lure miners back to it network. If things continue to go the way they have, BTC may fail to attract miners back. Source