![Bitcoin mining difficulty sees second negative adjustment following April halving](https://cryptoslate.com/wp-content/themes/cryptoslate-2020/imgresize/timthumb.php?src=https://cryptoslate.com/wp-content/uploads/2024/06/diff-2.png&w=70&h=37&q=75)
Quick Take
According to Newhedge, Bitcoin’s mining difficulty has decreased by -0.78%. This is the second negative adjustment in the last four, following the Bitcoin halving on April 20. The halving led to a delayed hash rate drawdown due to sustained high fees from Runes, which incentivized some miners to stay online.
![Bitcoin: (Difficulty Adjustment Percent Change): (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2024/06/diff-2.png)
CryptoSlate reports that the hash rate recently experienced the most significantย seven-day decline since 2021. Although the hash price has risen from its May 1 lows, it has compressed significantly since the halving. The hash ribbon indicator suggests ongoing miner capitulation, now over three weeks in, with expectations for several more weeks of similar trends.
![Hash Ribbon: (Source: Glassnode)](https://cryptoslate.com/wp-content/uploads/2024/06/HR-2.png)
Amid these developments, Kerrisdale Capital has taken a short position on Riot stock, criticizing Bitcoin mining. Riot’s shares dropped by as much as 10% on June 5 following the announcement but later recovered most of the decline.
![Riot Share Price, Jun 5: (Source: TradingView)](https://cryptoslate.com/wp-content/uploads/2024/06/RIOT.png)
These conditions highlight the current challenges within the Bitcoin mining industry as miners navigate post-halving adjustments.