Svmuu News According to reports, affected by rising oil prices due to the Middle East conflict, Bitcoin's hash rate has seen a significant decline, putting pressure on miners and the overall market. Over the past week, the network hash rate has dropped by approximately 8% to 920 EH/s, suggesting a potential entry into a new phase of miner capitulation, which is typically accompanied by downward price pressure. The current Bitcoin price is below $72,000, down about 5% from Monday's high. The network is expected to undergo an approximately 8% difficulty adjustment downwards, marking the second-largest negative adjustment in the past five years. Previously, in mid-February, Bitcoin also experienced a historically large difficulty adjustment downwards, indicating highly volatile mining activity.
Analysis points out that the pressure faced by miners stems from intensified competition, persistently low transaction fees, and Bitcoin price volatility, leading to compressed profit margins. Many listed mining companies have begun diversifying their operations, including ventures into AI and high-performance computing, while also increasing Bitcoin sales to maintain operations, which also creates some resistance to Bitcoin's price. (CoinDesk)