After a tough 2024 for the Bitcoin mining industry, mining companies might finally get some relief as competition might slowly cool down.
The Bitcoin (BTC ) mining hashrate — the total computing power in the network — is set to slow due to a reduction in mining difficulty and reduced preorders for mining hardware.
According to data from CryptoQuant, the mining difficulty fell to 108.1 trillion on Jan. 27 — the first reduction of 2025 — while the current hashrate is approximately 832 exahashes per second (EH/s).
Data compiled by TheMinerMag also shows a 2.12% retrace in mining difficulty over the past seven days. According to its preorder data , the demand for application-specific integrated circuits (ASICs) and other mining hardware by US firms has decreased in the third and fourth quarters of 2024.
Read more,# Bitcoin Mining: Is Relief Finally on the Horizon?
## Key Points
– **Tough Year for Miners**: 2024 has been a rocky road for Bitcoin mining companies, but possibly not for much longer (cue the hopeful piano music).
– **Slowing Hashrate**: The Bitcoin mining hashrate is expected to ease up as a result of reduced mining difficulty—think of it as a spa day for miners!
– **First Reduction of 2025**: The mining difficulty just took its first dip of the year, dropping to a manageable 108.1 trillion—finally, some good news in this blocky world.
– **Numbers Game**: Current hashrate is about 832 exahashes per second; that’s a lot of hashing without breaking any sweat.
– **Falling Demand for Hardware**: Preorder data reveals a 2.12% decline in demand for mining hardware, showing that miners might be giving their ASICs a much-needed vacation.
## Hot Take
Looks like Bitcoin miners are getting a reprieve from the relentless grind! Maybe they’ll finally have time to binge on cat videos instead of trying to untangle their cords. If this hashrate slowdown continues, it might just turn into a miners’ bonanza! Until then, take a deep breath, relax, and grab that popcorn—takes a while to crunch those numbers!
#BitcoinMining #CryptoNews #MiningDifficulty #JustInvestNews
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JustInvestNews, Bitcoin Mining, Mining Industry, Crypto Updates, Mining DifficultyOriginal article: https://cointelegraph.com/news/bitcoin-mining-hashrate-set-slow-why?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
