Bitcoin mining difficulty is growing: hashrate is falling, miners are selling more
Date: 2025-05-19 Author: Gabriel Deangelo Categories: CRYPTO PAYMENTS
After another revision of the network parameters, the Bitcoin mining difficulty increased by 2.13%, reaching 121.66 T. Despite this, it did not return to the record level of 123.23 T, recorded earlier. Then, we recall, after reaching the historical maximum, there was a decrease of 3.34%.
According to Glassnode analytics, on May 8, the hashrate (seven-day moving average) again reached a near-record value of 925.4 EH/s, repeating the peak recorded a month earlier. However, by mid-May, the indicator had dropped to 846.2 EH/s, which indicates a possible correction in miners' activity.
Meanwhile, the Hashrate Index reports that in the first half of May, as the Bitcoin exchange rate rose and approached $105,000, mining profitability (the so-called hash price) increased to the range of $55–56 per PH/s per day. This was a significant improvement compared to the April low of ~$40 per PH/s. However, current levels are still more than 10% below the December 2024 values.
Against the backdrop of these changes, analysts note a shift in the behavior of mining companies. In April, public industry players began to actively sell mined bitcoins - according to observations, about 70% of all new coins ended up on the market. This departure from the previously popular HODL model, which consists of accumulating coins, became noticeable in March, and has now been further developed.
Some experts are expressing concerns about the discrepancy between the Bitcoin market price and the hash rate dynamics. Such differences can pose risks to the stability of the entire network. However, CryptoQuant believes that the current state indicates the presence of strong fundamental factors supporting the first cryptocurrency even in the face of a declining hashrate.
The situation continues to evolve, and it is closely monitored by both investors and participants in the mining sector.
