I played with Bitcoin and Monero wallets and did some coinjoins over the last week, and the noticeable drop in hashrate I was thinking could have been purposeful to hamper the network and stall transactions. There were times when it took over an hour for a block to be found. It could be miners taking hashrate offline due to profitability, but you still have equipment expense and many of the large corporate farms have very good electrical rates. But you just don’t see theorizing on hashrate manipulation to harm the network and adoption at the same time other attacks are underway. Consequently, I’d be happy if we lost large corporate miners and had more pleb mining where my little Bitaxe could find a block. At least there is a good foundation of plebs with miners so there will always be the necessary foundation to support Bitcoin minus corporate entities.
By Zack Abrams
Quick Take
- Bitcoin mining difficulty fell 10.09% over the weekend to 124.93 trillion, the 11th-largest downward adjustment in the network’s history and the second-largest cut of 2026, according to Galaxy Research.
- The cut hands remaining miners roughly 11% more bitcoin per unit of active hashrate, but all-in production economics remain underwater with BTC near $64,000.
- The new difficulty is the lowest level of 2026 so far, and the lowest level since July 2025.
Bitcoin mining difficulty fell 10.09% over the weekend, dropping from 138.96 trillion to 124.93 trillion at block height 953,568, according to Galaxy Research. The adjustment ranks as the 11th-largest downward move in the network’s history and the second-largest drop of 2026, after a move in early February. The new difficulty is the lowest level of 2026 so far, and the lowest level since July 2025.
Mining difficulty measures how much computational work miners, using high-powered chips, must perform to add a block to the blockchain. The difficulty readjusts every 2,016 blocks, or roughly every two weeks, to keep the average time between blocks near 10 minutes no matter how much hashrate is online.
The latest cut to difficulty followed a roughly 15% decline in bitcoin’s price so far in June, which compressed miner margins and prompted some operators to shut off unprofitable machines. As machines powered down, blocks arrived more slowly, and the prior epoch ran about 15.6 days against a target near 14, the condition that triggers a downward retarget.
Galaxy Research, the research arm of crypto financial services firm Galaxy Digital, attributed the latest cut to a price-driven margin squeeze, the same driver its ranking table assigns to Bitcoin’s other major 2026 adjustments.
A 10.09% cut raises the amount of bitcoin produced per unit of active hashrate by about 11%. That, alongside bitcoin’s bounce off its early-June lows, has pushed spot hashprice back above $30 per petahash per second per day: Hashrate Index, the Luxor-run mining data platform, put it at $32.31 on Sunday, up from a trough in the high $20s earlier in the month at a level widely viewed as near gross breakeven for higher-cost operators. The platform’s seven-day average network hashrate stood at about 894 EH/s, per the data.
The drop is the third downward adjustment of more than 5% of 2026, after an 11.16% cut on Feb. 7 and a 7.76% reduction in March. The February and June moves now both rank among the 11 largest negative adjustments on record, pointing to sustained economic stress rather than a one-off shock.
The February cut coincided with winter-storm shutdowns, while the June move coincides with BTC’s price weakness and a structural reallocation of mining power toward artificial intelligence and high-performance computing. Some miners pivoting to AI and high-performance computing (HPC) have seen significant stock gains, The Block previously reported.
The Bitcoin network has already begun to normalize in the wake of the adjustment. Average block times are back near 10 minutes, and Hashrate Index’s early read points to a roughly flat next adjustment of about -0.8%, expected around June 27 as of Sunday afternoon’s projections, a sign the hashrate that went offline has largely stabilized rather than kept bleeding.
Even with the adjustment, the broader picture for miners remains tricky. Checkonchain’s difficulty-regression model pegged bitcoin’s estimated average production cost at about $84,300 as of June 13, down from roughly $87,000 earlier this year as difficulty has retreated from its January highs.
With BTC currently trading at about $63,780, per The Block’s Bitcoin Price page, spot price is sitting about a quarter below that estimated cost, leaving mining underwater on an all-in economic basis across much of the network. The difficulty cut will likely improve the relative economics for miners using newer, efficient equipment, though higher-cost operations may struggle to close the gap.
Whether difficulty turns higher from here likely hinges on future movements of bitcoin’s price. A sustained BTC price recovery could lead to miners pulling idled machines back online, while renewed weakness or further miner-to-AI conversions could keep that capacity off the network permanently.