The BTC network hashrate (smoothed by the seven-day moving average) reached an all-time high of 393.9 EH/s on June 12, according to data provided by Glassnode.
On May 31, the mining difficulty indicator, which is correlated with the hashrate, updated its peak at around 51.23 T. According to BTC.com, as a result of the expected recalculation within a day, the value of the metric will increase another 3% to 52.84 T.
The increased difficulty amid the falling Bitcoin price puts pressure on the profitability of crypto miners. Over the past 30 days, the hashrate has fallen from $0.0825 to $0.0671 per TH/s per day.
The increase in the network hashrate of the largest cryptocurrency in the market by market cap in recent days has occurred against the backdrop of a decrease in the cost of ASIC miners. Since the end of May, the price of the latest generation devices has dropped from $23.75 to $21.53 per TH/s.
Total revenues of the miners reached $916 million last month, the figure has been steadily growing since November last year.