Rumors Sparked by Sharp Drop in Bitcoin Hashrate Are Actually Due to Seasonal Fluctuations

On June 29 (UTC+8), a recent decline in Bitcoin’s total network hashrate sparked concerns about a potential “hashrate crash” and led to various speculations regarding geopolitical factors. However, this change is primarily due to seasonal power restrictions and statistical deviations, rather than geopolitical events or a large-scale withdrawal of mining infrastructure. Bitcoin’s hashrate is not a real-time metric; it is estimated based on block intervals and network difficulty, so short-term fluctuations are normal and can easily lead to market misinterpretations. Data from Miningpoolstats at the mining pool level (as shown in the chart below) indicates that the most significant drop occurred at Foundry USA Pool, which experienced intermittent downtime before coming back online. This operational pattern closely aligns with power curtailment measures implemented at mining farms during peak summer electricity demand in the United States to ensure grid stability, rather than being caused by Iranian miners going offline or policy crackdowns. BlocksBridge Consulting expects the Bitcoin network to undergo a difficulty adjustment on June 29, with an estimated decrease of about 8%, which will ease operational pressure for some miners and provide a buffer for hashrate fluctuations. The market should view short-term data changes rationally and avoid misinterpreting them as systemic industry risks. (Source: BlockBeats)