Bitcoin mining difficulty sees its largest single drop since summer 2021, with the network's seven-day average hash rate currently standing at 990.08 EH/s.

On February 8th, Cloverpool data shows Bitcoin’s mining difficulty adjusted downward at block height 935,424 yesterday evening—falling 11.16% to 125.86 T. The network’s seven-day average hash rate currently sits at 990.08 EH/s. This marks the largest single downward adjustment since summer 2021 and the 10th biggest in Bitcoin’s history. Bitcoin’s total network hash rate has dropped roughly 20% over the past month, with an 11% decline just last week to around 863 EH/s—well below the October 2023 historical high of 1100 EH/s. Two factors are driving the hash rate drop. First, Bitcoin’s price has fallen more than 45% from its all-time high of $126,000, with ongoing ETF fund outflows and broad market risk-off sentiment weighing on hash rate. Second, a late-January winter storm forced U.S.-based Bitcoin miners to cut operations to support strained residential power grids, temporarily removing roughly 200 EH/s of hash rate from the network.