Bitcoin hash rate dips as miners turn off unprofitable ASICs post-halving

Source: CoinTelegraph

“Bitcoin hash rate saw a decline as Bitcoin mining firms have started turning off unprofitable mining rigs after the fourth Bitcoin halving. The Bitcoin network’s hash rate fell to an over two-month low of 575 exahash per second (EH/s) on May 10 before making a small recovery to the current 586 EH/s, according to data from The hash rate drop can be attributed to the fact that ‘miners are beginning to turn off unprofitable rigs,’ according to a May 13 X post by James Butterfill, the head of research at CoinShares. The temporary drop was predicted by an April 19 report by CoinShares, which expects hash rate to surge during the next year.” (05/14/24)