Bitcoin mining difficulty experiences the largest single adjustment since summer 2021, with the seven-day average hash rate across the network dropping to 990.08EH/s.

Odaily Planet Daily reports that according to Cloverpool data, on February 8th, Bitcoin completed a new round of mining difficulty adjustment at block height 935424. The mining difficulty was decreased by 11.16%, dropping to 125.86 T, the largest single adjustment since summer 2021, and the tenth largest difficulty adjustment in Bitcoin history. Currently, the average network hash rate over the past seven days is approximately 990.08 EH/s.

Data shows that the total hash rate of the Bitcoin network has decreased by about 20% over the past month, with a decline of approximately 11% just last week, down to around 863 EH/s, significantly below the peak of about 1100 EH/s set in October last year. The decrease in hash rate is partly related to Bitcoin’s price falling more than 45% from the high of $126,000, combined with continuous ETF fund outflows and market risk aversion affecting miner revenues; on the other hand, in late January, winter storms hit multiple parts of the United States, forcing some miners to reduce hash rate to support local power grids, with about 200 EH/s of hash rate temporarily interrupted.