Krutika Adani
Bitcoin hash rate has dropped to 615 EH/s after reaching a high of 800 EH/s. The significant drop comes after Bitcoin increased its mining difficulty in 2024.
The drop in the hashrate comes after Bitcoin’s new reward rates has made it difficult for several miners to continue their mining.
Though some miners are still profitable, most are at a loss. A few reasons could be the use of older mining algorithms and low-efficiency mining rigs.
A low hash rate poses a security threat to Bitcoin’s network as it requires less effort for hackers to hijack the network.
Despite the crash in Bitcoin’s hash rate, it is still way higher than other Proof of Work cryptocurrencies like Litecoin and Dogecoin.