The Bitcoin hashrate has fallen 34% over the past day to 57.47 EH/s. According to Coin Metrics, it had not fallen below 60 EH/s since July 2019, when the cryptocurrency was trading at $10,000.
The drop in the hashrate could be due to China's crackdown on cryptos as well as the migration of local miners, who are relocating their devices in other countries.
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Kevin Zhang, vice president of crypto mining firm Foundry, has previously said 70% of companies in the sector have already shut down their equipment and, by June 30, the percentage will approach 90%. He has also noted miners are actively exporting ASIC devices abroad.
It is worth noting coinciding with the hashrate drop, the block generation time on the BTC network has increased to 24 minutes, according to BitInfoCharts data. Since the previous difficulty adjustment on June 14, the average time to find a new block is approximately 13.38 minutes. About 50,000 transactions are awaiting confirmation in the mempool.