After a sharp drop in Bitcoin mining difficulty, analysts have reported renewed activity among miners.
The adjustment turned out to be the largest in the past four years: difficulty fell by 11.16%,
and over the next three days the network’s computing power increased by more than 10%,
climbing back above 1,000 EH/s (exahashes per second).
According to Cloverpool data as of February 10, the average global hashrate
(the combined computing power of equipment participating in Bitcoin mining) is around 1,040 EH/s.
That’s a significant jump compared with 901 EH/s recorded before the difficulty recalculation on February 7.
In other words, a portion of miners returned to the network almost immediately after mining became “slightly easier” from the protocol’s perspective.
Key numbers and recent dynamics
| Metric | Value | Context |
|---|---|---|
| Difficulty change | -11.16% | Largest decline since summer 2021 |
| Hashrate before recalculation (Feb 7) | 901 EH/s | Level observed prior to the adjustment |
| Hashrate after the drop (Feb 10) | ~1,040 EH/s | Up more than 10% in three days; back above 1,000 EH/s |
| Next expected difficulty change | ~+4.6% | Driven by hashrate recovery; likely around the night of Feb 20 |
| Bitcoin Hashprice Index (low) | $27.9 | Hit an all-time low the day before the recalculation |
| Bitcoin Hashprice Index (Feb 10) | ~$35 | Still below January averages (~$40) |
Why the difficulty drop matters and what likely caused it
The 11.16% decline was the most pronounced since summer 2021.
Back then, China’s crackdown on crypto activity triggered a 27% drop in difficulty.
The current move is smaller, but by recent standards it’s still unusually large.
The main driver behind the prior decline in difficulty was a reduction in the number of active miners.
When Bitcoin’s price drops, mining profitability gets squeezed: with the same cost base
(electricity, maintenance, logistics), revenue per unit of hashrate falls, and some participants shut down rigs or reduce load.
Additional pressure came from severe cold weather in the United States.
During such periods, power grids can face stress, and some companies (especially those participating in demand-response programs)
may temporarily cut mining activity to reduce consumption or avoid peak pricing.
Why miners came back so quickly
The mechanism is straightforward: when difficulty drops, the expected earnings per unit of hashrate can improve,
all else being equal. This often brings back miners who were operating close to breakeven.
A hashrate rebound of more than 10% in just three days is a typical reaction:
some previously idle rigs are switched back on, some capacity reallocates to Bitcoin as relative profitability shifts,
and some operators may have simply ended temporary power constraints.
What the Hashprice Index is and why it’s watched
The Bitcoin Hashprice Index, a key mining profitability indicator, hit an all-time low the day before the difficulty adjustment,
dropping to $27.9. As of February 10, it has been hovering around $35,
which is still below January’s average levels (around $40).
The metric is widely used by miners because it helps estimate expected daily revenue per unit of computing power.
The index was developed by the U.S.-based company Luxor and is typically quoted in
U.S. dollars per petahash per second per day ($/PH/s/day).
One important nuance: it’s an averaged figure and doesn’t reflect regional differences in costs
(electricity prices, tariff structures, climate, logistics, and more). Still, as a “market thermometer,” it remains valuable:
it shows how comfortable mining economics are in general terms and where industry-wide pressure is building.
| Term | Plain meaning | Why it matters |
|---|---|---|
| Hashrate | Total computing power securing the network | Shows competition and overall network strength |
| Difficulty | A parameter that makes mining harder/easier to keep block timing stable | Directly affects expected revenue at the same hashrate |
| Hashprice Index | Average revenue per unit of hashrate per day ($/PH/s/day) | Quickly signals rising or easing pressure on miners |
What comes next: difficulty could rise again
With network computing power recovering sharply, the next difficulty adjustment may reverse part of the move:
difficulty is currently expected to increase by roughly 4.6%.
The most likely timing is the night of February 20.
Practically, the pattern is simple: a difficulty drop often brings back miners operating near breakeven,
and the subsequent rise can remove part of that short-term relief. That’s why markets watch not only difficulty itself,
but also the broader context: Bitcoin’s price, on-chain fee levels, electricity costs, and overall hashrate competition.
Pressure on miners and reserve sales
When profitability declines, mining companies often have to sell part of their accumulated BTC to cover operating expenses:
electricity, maintenance, site аренда, debt service, and fleet upgrades. In such phases, the industry can become a net seller,
creating what traders often call “miner pressure.”
Over the past week, two major players — MARA and Cango — have already announced sales of a portion of their holdings.
In periods like this, investors typically watch whether hashprice stabilizes, whether hashrate remains elevated,
and how quickly the market absorbs additional coin supply.
What this situation means for the market
| Factor | What’s happening | Potential impact |
|---|---|---|
| Difficulty dropped sharply | Mining became “easier” in competitive terms | Miners return; hashrate rises |
| Hashrate recovered | Network is back above 1,000 EH/s | Next adjustment may increase difficulty |
| Hashprice remains low | ~$35 is still below January averages | More incentive to sell BTC to cover costs |
Overall, the picture looks like this: the difficulty drop provided short-term relief and brought part of the hashrate back,
but low profitability (as reflected by hashprice) still pressures miners and can push some operators to sell reserves.
If hashrate stays elevated, the next recalculation will likely restore part of the difficulty, bringing some of the burden back.