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On 19 April, Bitcoin mining difficulty fell to 135.59 trillion after dropping 1.13% over the previous 24 hours. The figure means miners must perform 135.59 trillion times more work than the original baseline set in 2009 to find a block.
A decline in mining difficulty can appear positive because it may reduce competition and, in turn, support higher earning rewards. It can also favor stronger miners, which tend to remain operational while weaker miners are pushed out.
However, a fall in difficulty can also coincide with a drop in hashrate. At the time of publishing, hashrate was 1.063 ZH/s. A lower hashrate can reduce network security and increase the risk of miner capitulation, which could contribute to downward pressure on Bitcoin’s price and potentially lead some mining platforms to shut down.
The article notes that this outcome is more likely when difficulty drops sharply. With a modest 1.13% decline, it may be closer to short-term noise than a full miner exit scenario.
CryptoQuant’s chart for Bitcoin daily miner revenue and network hashrate suggests conditions in the miner space are concerning. Revenue is reported to have fallen to a range of $28 million to $35 million, while hashrate remains highly volatile and has surpassed previous highs. Overall, the implication is that mining profitability is weaker at the moment.
These developments are occurring alongside Bitcoin trading at $75,404.11 at the time of publishing, after rising to $78,000 just two days earlier. The article links the difficulty decline to broader market impact.
The operating margin analysis cited from CompaniesMarketCap indicates a widening gap between large and smaller mining firms. IREN (Irsis Energy), the largest Bitcoin mining firm by market cap, saw operating margins rise by 18.66%. In contrast, Bitfarms (ranked 11th by market cap) experienced a drop of more than 41% in operating margins.
Other firms reported sharper declines: Riot Platforms’ operating margin fell by 102.45%, while MARA Holdings saw a drop of 145.50%.
The article connects these margin moves to Q1 2026 activity, stating that more than 32,000 BTC were sold, with hashprice falling to around $33/PH/s/day. It notes that this level sits below a $35 breakeven point, pushing approximately 20% of miners from profit to loss.
It also compares the pace of liquidation, stating that the current liquidation of 32K has outpaced the 20K BTC sold during the 2022 Terra-Luna collapse.
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