– The Bitcoin network hash rate has reached a record high of 414 EH/s, indicating a significant increase in the computational power used for mining Bitcoin.
– Despite the high hash rate, miners are facing challenges in maintaining profitability due to the falling prices of Bitcoin and the increasing competition in the mining industry.
– The declining profitability has led to some miners shutting down their operations or selling their mining equipment, resulting in a decrease in the network’s overall hash rate.
In summary, the soaring hash rate of the Bitcoin network has brought about difficulties for miners who are struggling to remain profitable. The combination of falling Bitcoin prices and intense competition has forced some miners to exit the market, leading to a decrease in the network’s hash rate.
