Bitcoin Hashrate Plummets 7.6% in Recent Downtrend, Signaling Miner Hesitation

Bitcoin's hashrate, a measure of computing power on the network, has experienced a significant drop recently, potentially indicating a shift in miner sentiment. According to data from Blockchain.com, the 7-day average of the Bitcoin hashrate fell by approximately 7.6%, from a high of 835.9 EH/s to 771.8 EH/s. This decline erases gains made earlier this month, returning the hashrate to January's lows. This decrease in hashrate suggests that miners may be less optimistic about Bitcoin's profitability, despite a recent negative adjustment in mining difficulty. At the time of writing, Bitcoin is trading around $94,900, down 1% over the last seven days.