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Bitcoin News Today: Miners Struggle with Halving Impact as Hash Rate Hits New High

Published by
Qadir AK

Bitcoin (BTC) miners are crucial for securing the network and creating new coins. Following the fourth Bitcoin halving earlier this year, miners have had to adjust their operations due to rising difficulty. The Bitcoin block reward decreased from 6.25 coins to 3.125 coins every ten minutes, making it tougher for existing mining rigs to stay profitable.

Hash Rate Drops and Recovery

After the April halving, Bitcoin’s hash rate fell sharply, from over 643 EH/s to about 561 EH/s by June. This decline was mainly because miners turned off their old rigs in preparation for new, more efficient hardware.

Since then, the hash rate has recovered, hitting a new all-time high of around 698 EH/s earlier this month. However, it has recently stabilized at about 573 EH/s, as mining difficulty reached a new peak of 92.67 T on Tuesday, September 11.

An Uncertain Market

Even with the possibility of U.S. interest rate cuts next week, Bitcoin’s price might still fall. Some experts think that the upcoming economic changes could lead to a “sell-the-news” reaction, causing further market sell-offs.

On-chain data shows that both short-term Bitcoin holders and miners have been selling recently. Santiment reports that miners alone have sold over 30,000 BTC, worth more than $1.7 billion, in the past three days.

Despite this, large investors, or whales, especially those involved with U.S. spot Bitcoin ETFs, have been buying up the excess Bitcoin. This buying activity from whales could help stabilize the market amid the current volatility.

Read Also: Should You Still Hold Tron & SUNDOG Amid Rising Uncertainty?

Despite the challenges, the Bitcoin mining industry remains resilient. With innovation and adaptation, miners may emerge stronger than ever, securing the network and driving the future of cryptocurrency.

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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