Bitcoin’s network hashrate has recorded its sharpest decline in several years, signalling renewed stress across the mining sector.
Network computing power has fallen by around 12% since November 11, according to data published by CryptoQuant.
The hashrate drop has pushed the network to its lowest level since October 2021, a period marked by major structural disruption.
Analysts describe the contraction as the largest since China’s mining ban triggered a mass relocation of operators.
Total hashrate slid from above 630 exahashes per second to roughly 560 exahashes per second in under two months.
Mining revenue has fallen to about $28 million per day, placing earnings near the lowest levels seen in the past year.
CryptoQuant’s Miner Profit and Loss Sustainability indicator has weakened to levels comparable with late 2024.
North American mining participation has reportedly declined as firms respond to operational and technical constraints.
Extreme winter weather across parts of the United States has been cited as a key factor behind the sudden slowdown.