Data shows the Bitcoin mining hashrate has continued its sharp plunge in the past week, as miners give up due to low revenues.
Bitcoin 7-Day Average Mining Hashrate Has Rapidly Gone Down Recently
According to the latest weekly report from Arcane Research, a miner capitulation might not have much impact on the price this time.
The “mining hashrate” is an indicator that measures the total amount of computing power connected to the Bitcoin network.
When the value of this metric goes up, it means miners are bringing more machines online right now. Such a trend shows miners are bullish on the crypto in the long term.
On the other hand, a decrease in the indicator’s value suggests miners are disconnecting some of their rigs currently. This kind of trend implies miners aren’t finding the blockchain attractive to mine on at the moment.
Now, here is a chart that shows the trend in the Bitcoin mining hashrate over the last six…
