Bitcoin’s hashrate fell to 58.7971 exa hashes per second on Sunday — the lowest point since August 2019 — according to data from It had ticked up to 86.205EH/s by press time.

Fast facts:

  • After hitting a peak of 171.3989EH/s in mid-May, Bitcoin’s hashrate has continued to decline rapidly as many regions in China have cracked down on mining activity. For instance, the hashrate fell from 112.625 EH/s to 91.2189Eh/s two weeks ago after mining was banned in the Chinese province of Sichuan.
  • Although it’s significant, the hashrate decline should not be that surprising, as according to analysis by, Bitcoin’s hashrate has generally followed its price, which itself has fallen more than 50% from its all-time high in April of US$64,829.14. It was trading at US$34,822.52 at press time.
  • The hashrate of bitcoin refers to the level of computing power required to mine and process transactions — or secure — a proof-of-work blockchain network. The lower the hashrate is, the greater the likely number of Bitcoins earned daily per unit of computing power.
  • Bitcoin’s mining difficulty, a measure of how difficult is it to verify transactions on the block, is adjusted every 2,016 blocks. Analysis from suggests the difficulty adjustment could be as low as negative 25% at the next reset on July 3.