Bitcoin mining difficulty plummeted on December 6. This was rare after July 2021.
Bitcoin miners are shutting down after the bearish market sentiment.
Bitcoin miners have been squeezed by a low Bitcoin price and high electricity rates in recent months.
Between early August and November 21, hashrate and difficulty increased by about one-third.
Recent mining economics have caused the latest decrease.
Despite average prices dropping 80% since December, ASIC machines are flooding the market.
Bitcoin miners have been selling, but CryptoQuant reports that their reserves have been stable this year.