Bitcoin Hashrate Plummets 12% in Largest Drop Since China Mining Ban, Says CryptoQuant

The Bitcoin network has experienced a significant 12% decline in its hashrate, marking the most severe drawdown since China's historic crackdown on cryptocurrency mining. According to data from the analytics firm CryptoQuant, this sharp drop in computational power dedicated to securing and processing transactions on the Bitcoin blockchain raises questions about network security and miner profitability. Analysts are monitoring the situation to determine if this is a temporary fluctuation or a sign of sustained pressure on miners, potentially linked to recent Bitcoin price volatility and rising energy costs in key regions. The hashrate is a critical health metric for the Bitcoin network, and such a pronounced decrease is a notable event for the crypto market.