Bitcoin [BTC] mining difficulty dropped along with its price, but hashrate increased over the last several days
off late has faced multiple price corrections as its price continues to trade under the $57k mark. This bearish price action would definitely have a direct effect on market sentiment.
At the time of writing, BTC was trading at $56,651.71 with a market capitalization of over $1.12 trillion. A drop in price often results in less profitability for miners.AMBCrypto’s look at BitInfoChart’s data revealed that the BTC mining sector’s profitability had indeed reduced substantially over the last week. At the time of writing, Bitcoin miners’ profitability stood at 0.0432 USD per day.
However, on this occasion, things were different. Our look at CoinWarz’s data revealed that BTC’s mining difficulty dropped on the 5th of July. At the time of writing, Bitcoin mining difficulty stood at 79.50T.Though there was an increase in hashrate, miners’ profitability did drop. Therefore, AMBCrypto planned to have a closer look at how miners were behaving after the coin’s price plunged.revealed that BTC’s miners’ net position change was in the negative zone throughout the last week.
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