Bitcoin could lower its mining difficulty by roughly 16% around July 26, giving the machines still online a larger share of network rewards. This adjustment will not solve the sector’s structural problems: expensive power contracts, debt obligations and weak hashprice, currently around $31 per PH/s/day. Major players like TeraWulf with a $19 billion Anthropic contract over 20 years and Hut 8 with $19.6 billion in contracted capacity are shifting toward artificial intelligence. MARA sold 20,880 BTC for $1.5 billion in the first quarter of 2026, exemplifying this trend of liquidating Bitcoin reserves. A difficulty reduction will mainly benefit the most efficient operators but could accelerate sector consolidation without saving older or more indebted fleets.
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