Bitcoin

Strike

Bitcoin mining has seen significant turbulence this week. The difficulty of mining has reached a historic high, leading to a sudden drop in Bitcoin's hashprice. These changes have largely resulted from a slump in Bitcoin's value and record heatwaves in Texas, which led to an unexpected decrease in hashrate, according to <a href="https://hashrateindex.com/blog/hashrate-index-roundup-june-19-2023/?ref=hashrate-index-newsletter">hashrateindex</a>.&nbsp;&nbsp; 
The focus remains on Bitcoin's performance. Bitcoin's <a href="https://ultramining.com/news/en/bitcoin-mining-revives-as-q1-2023-hashrate-surges/">hashprice</a> fell drastically after the cryptocurrency's value briefly dropped below $25,000. This coincided with a record-high difficulty adjustment in mining, which subsequently reduced the hashprice to a local low of $62.50/PH/day. This is a level last witnessed in March. 
<figure class="wp-block-image">
 <img src="https://lh5.googleusercontent.com/MP5Ua_7gCQTfecg1sq3_iQGaKrWxkEe6HIXK1QrQafwd-kBENYlgfQUN2zMHdJbCFdbagNV6OrI-LoxZFpi7mEs6yxcnbSHVIc3PmXeEh6tyfDhReTUnAKUOoKAUXG1QY2sEIsFdR5nij8kh6WixTJY" alt="">
</figure> 
Source: hashrateindex.com 
Despite a slight recovery, the hashprice remains low. This drop could be due to a heatwave in Texas affecting hashrate levels. The difficulty in mining may see some ease with the next adjustment, considering the deflating hashrate. 
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Turbulence in Bitcoin Mining: Record Difficulty, Falling Hashprice and Heatwave Strike

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