Bitcoin's hashrate, which reflects the total computing power on the blockchain, has decreased after reaching an all-time high earlier in April. This decline follows a period of expansion by miners.
The 7-day average Bitcoin hashrate saw a surge in the first part of the month, hitting a new ATH. However, this trend has reversed in the past week, bringing the hashrate back to levels seen at the beginning of the month.
This pullback in hashrate occurs as Bitcoin's price remains relatively stable, trading around $93,174. The increased difficulty in mining, driven by the previous hashrate expansion, may have become unsustainable for some miners, contributing to the recent decrease.