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Drop in Bitcoin Mining Difficulty ‘Comparable to FTX Collapse,’ CryptoQuant Says

“Network hashrate has experienced a 7.8% drawdown, which is comparable to post FTX collapse on December 2022,” CryptoQuant head of research Julio Moreno, told CoinDesk in a Telegram message. “Miners’ profitability has been hit as the daily revenues fell from $78 million pre-halving to $26 million currently.”

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