Quick Take
Bitcoin difficulty has seen a downward adjustment of 3% today. Remarkably, this marks the ninth negative adjustment in difficulty over the last year.
Impacts of Texas Heatwave on Hash Rate
The recent negative trend in difficulty adjustments can be partly attributed to the intense summer heatwave experienced in Texas. This weather phenomenon has significantly affected the operations of local Bitcoin miners, leading to a noteworthy decline in hash rate over the past couple of months.
Hash Rate Decline
Specifically, the hash rate has declined by more than 5% in both June and July. These declines coincide with the timing of four out of the nine negative adjustments in Bitcoin’s difficulty level this year, strongly suggesting the heatwave’s adverse impact on Bitcoin mining operations.
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