The Bitcoin (CRYPTO:BTC) mining hashrate has plummeted to its lowest level since early March, reflecting a decline in miner sentiment as the cryptocurrency's price remains bearish.
On-chain data indicates that miners are disconnecting their machines due to reduced profitability.
The 7-day average Bitcoin mining hashrate, which hit an all-time high last month, has been steadily decreasing.
This decline is linked to Bitcoin's recent price drop, reducing miners' revenue from block rewards.
Consequently, miners have been selling their stored rewards, contributing to an increase in Bitcoin balances on OTC desks.
Currently, Bitcoin is trading near $61,700, at the lower end of its recent consolidation range.