The difficulty of mining Bitcoin recorded a 4.33% drop yesterday to 29.9 trillion hashes as a result of another recalculation, making this the largest drop in difficulty since July last year.
According to available data, the average hashrate over the two-week period since the previous correction has been 214 EH/s, also down 4.3% from its peak.
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Analysts at analytics firm Glassnode have noted the 7-day smoothed moving average of the cryptocurrency's hashrate has fallen to 205.9 EH/s from the all-time high of 208.5 EH/s recorded last May 5.
Jaran Mellerud, an analyst at Arcane Research, has said mining profitability continues to plummet. According to him, in November, a miner could earn $500 by powering a Bitmain Antminer S19 with 1 MWh of electricity, but now this figure has dropped to $146.