CryptoQuant Research Director: Bitcoin network computing power fell 7.8% in June, which is comparable to the situation after the FTX crash

Data tracked by Coinwarz shows that on June 5, the Bitcoin network hashrate dropped from 83.6 TH/s to 79.50 TH/s, reaching levels last seen in March, a month before the April halving event. Julio Moreno, head of research at CryptoQuant, said: “The 7.8% drop in the Bitcoin network hashrate at the time was comparable to what happened after the FTX crash in December 2022. Miners’ profitability has taken a hit, with daily revenues dropping from $78 million before the halving to $26 million today.” Moreno added: “Since early May, as the mining difficulty has been adjusted downward, some miners have shut down their equipment in response to reduced profitability.” (CoinDesk)