CryptoQuant analyst: Bitcoin hashrate falls below annual average, competition among miners intensifying

Jinse Finance reported that on May 10, CryptoQuant analyst Darkfost posted on X stating that Bitcoin's total network hashrate has fallen below its annual average level. The last time this occurred was in 2021. While this change does not pose a significant risk to the Bitcoin network itself, the overall hashrate has remained below 1 ZH/s since the winter storms in the US earlier this year, indicating that competition among miners is intensifying. Some mining companies may have chosen to shut down their machines or adjust their business models to improve profitability, as evidenced by Bitfarms’ recent business adjustments.