Bitcoin mining difficulty decreases by 2.3%: Structural buffering under miner dilemmas

On May 2, 2026, at 10:06, Bitcoin completed its latest difficulty adjustment at block height 947,520, with mining difficulty down 2.3% to 132.47 T, marking the continuation of the ongoing downward trend in mining difficulty since the second half of 2025. Currently, the network's average hash rate over the past seven days is 965.99 EH/s, a significant decline from previous highs, and block times have also slowed.

1. Overview of adjustment and direct causes

The direct driver of the hash rate decline is the continued worsening of operational pressures on miners. Since the April 2024 halving, Bitcoin block rewards have dropped to 3.125 BTC, with the unit hash price (hashprice) falling to a historic low of just $30 per PH. Some high-cost miners are continuously exiting the network, leading to a contraction in hash rate, slower block production, and triggering automatic difficulty adjustments in response.

2. Short-term buffer and profitability challenges for miners

The difficulty reduction provides a short-term benefit for still-operating miners: the competition pressure per unit of hash rate is eased, helping to directly lower the cost per coin produced and providing a breathing space for survival. However, this structural buffer is far from enough to fundamentally alleviate the deep profitability crisis faced by miners. In Q1 2026, North American listed miners sold over 32,000 BTC, setting a quarterly sale record, far exceeding the total for all of 2025, directly reflecting miners' difficult situation of being forced to accelerate sales to maintain liquidity. Meanwhile, the network's average production cost remains high at around $87k, while Bitcoin's price fluctuates around $78k, with the cost-price inversion still a prominent issue.

3. Institutional capital engagement in price-side game

While miners continue to sell, institutional funds are countercyclically acquiring Bitcoin. On May 2, Morgan Stanley increased holdings by 286.7 BTC, with total holdings surpassing 2,620 BTC, worth over $200 million; on the same day, another whale bought 1,051 BTC, approximately $82.37 million. The unlocking selling pressure from miners and the more expensive transactions and long-term accumulation by institutions form a fierce game, becoming the main variable influencing daily price fluctuations.

4. Short-term impacts and medium-to-long-term transformation trends

This mild adjustment of about 2.3% is only an incremental buffer. The lower prices, which are below operational costs and under the heavy pressure of low unit hash returns, force continued sales. Fundamental improvement still requires a clearer price rally to open up profit margins. Looking ahead, the mining industry’s accelerated shift toward AI computing power and the structural optimization of electricity resource allocation will become the core themes of the sector’s evolution in 2026.