Bitcoin's mining difficulty has decreased by 2.3%, while major miners like Bitdeer continue to liquidate their holdings.
On May 2, Bitcoin's mining difficulty experienced a decline of 2.3%, bringing the level down to 132.47 trillion hashes. This recalibration indicates a shift in the mining landscape for the leading cryptocurrency.
The current average hash rate stands at 952.5 exahashes per second (EH/s), with the time between blocks rising to approximately 11 minutes and 30 seconds. Glassnode reports that the smoothed 7-day moving average of hash power is around 955 EH/s, having briefly surpassed 1 zettahash per second (ZH/s) in mid-April.
Amid this decrease in mining difficulty, the hash price has climbed above $37 per petahash per second (PH/s) per day, marking the first increase since late January, according to Hashrate Index.
Foundry USA continues to dominate the mining sector, controlling nearly 31% of the total hash rate, followed by AntPool at 15% and SpiderPool at 11%.
Notably, major mining entities have been liquidating their Bitcoin holdings. Bitdeer, for instance, has been selling all mined coins for several weeks, reporting a release of 186 BTC to the market last week, thus depleting its reserves.
According to Bitdeer's recent update, they hold no Bitcoin, having sold all mined output. This trend raises concerns about the sustainability of traditional mining business models as profitability continues to decline.
