Bitcoin’s hashrate dropped by 10.6% to 204.4 exahashes per second on Wednesday on a seven-day average from its peak earlier this month, data show.

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Fast facts

  • The Bitcoin mining difficulty level fell by 4.33% to 29.9 trillion at block height 737,856 on Wednesday, after hitting a record high two weeks ago.
  • Bitcoin mining difficulty measures how hard a miner would have to work to verify transactions in the blockchain to “dig out” Bitcoins as rewards.
  • Such mining difficulty adjustments are highly correlated to changes in the mining hashrate — the level of computing power used per second during mining.
  • Bitcoin’s price plunged by 26.6% on Thursday morning Asia time over the past 30 days to US$29,724, according to data from CoinGecko.

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