Despite the recent block reward halving, only the profitability of Bitcoin miners with less efficient mining rigs is endangered, according to Terawulf's Nazar Khan.
Bitcoin hash rate saw a decline as Bitcoin mining firms have started turning off unprofitable mining rigs after the fourth Bitcoin halving.
The Bitcoin network’s hash rate fell to an over two-month low of 575 exahash per second (EH/s) on May 10 before making a small recovery to the current 586 EH/s, according to data from blockchain.com.
The hash rate drop can be attributed to the fact that “miners are beginning to turn off unprofitable rigs,” according to a May 13 X post by James Butterfill, the head of research at CoinShares.
