Bitcoin Hasrate Hits Three-Week Low as Miners Cut Back

Bitcoin's seven-day average hashrate fell to its lowest level in three weeks at approximately 915.8 EH/s, according to recent data.

This decline comes after a brief recovery in September, and it indicates that less computing power is securing the Bitcoin network on a daily basis.

The drop in hashrate suggests that miners are reducing their capacity, which can be due to various factors such as block timing, power conditions, mining difficulty, or changes in active equipment.

Miner reserves also declined by 1,530 BTC over the past week, bringing the total balance to approximately 1.1928 million BTC.