Bitcoin mining difficulty has recently dropped by over 5%, reaching a quarterly low of 79.5 terahashes per second (TH/s) on July 5, 2024. This marks the largest reduction since March when it briefly fell below 80 TH/s. This drop in difficulty is significant as it reflects a decrease in the computational power dedicated to mining, which could be due to various factors including the Bitcoin halving event that reduced miner rewards and increased operational challenges. Consequently, only the most efficient mining rigs with a watts per terahash efficiency rate of 26 or lower are currently profitable, provided Bitcoin's price stays above $54,000. The reduction in difficulty might indicate that miner capitulation is nearing its end, potentially stabilising the market by reducing the selling pressure from struggling miners​.