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Bitcoin: hashrate declining due to difficult market conditions

Author: Content Editor
The hashrate of Bitcoin has been fluctuating in recent weeks, reaching a new all-time high of 850 Eh/s on February 8th before dropping to 812 Eh/s a few days later. It briefly rose to 841 Eh/s but has now fallen back to 816 Eh/s. Despite these fluctuations, the current hashrate is still in line with early January levels, and there is no major cause for concern. However, smaller miners and those with higher electricity costs may be facing difficulty as the current market conditions are challenging for them. Bitcoin mining profitability has also decreased, with current levels being significantly lower than a year ago. The main cost for miners is electricity, with higher hashrates requiring more energy consumption. The difficulty of mining Bitcoin affects electricity consumption, and although it is currently at its peak, it is expected to decrease slightly in the next update. Miners with access to low-cost electricity can use less efficient machines, while those with higher electricity costs may need to turn off less efficient machines and rely on more efficient ones. It is important to note that the Bitcoin protocol does not mandate a specific energy consumption, and the current consumption is a result of individual decisions made by miners. Despite the challenges, the high hashrate means that less efficient machines will be shut down, reducing overall energy consumption.

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