CryptoQuant Research Director: Bitcoin network hash rate decreased by 7.8% in June, comparable to the situation after the FTX collapse

ChainCatcher news, data tracked by Coinwarz shows that on June 5, the Bitcoin network hash rate decreased from 83.6 TH/s to 79.50 TH/s, reaching levels seen in March, which is one month before the halving event in April.

CryptoQuant research director Julio Moreno stated, "At that time, the Bitcoin network hash rate was down by 7.8%, which is comparable to the situation after the FTX collapse in December 2022. Miners' profitability has been hit, with daily revenue dropping from $78 million before the halving to currently $26 million."
Moreno added, "Since early May, as mining difficulty has decreased, some miners have shut down their equipment to cope with declining profitability."