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The latest data shows that despite the 15% drop in the price of Bitcoin in the past week, miners have not given in. According to the data website Coin
Dance's estimate of Bitcoin's computing power, participation in Bitcoin mining is as high as before the price drop. Hash power refers to the computing power used to maintain the Bitcoin network.

Bitcoin Hash Power Hits Second New High

According to statistics, the computing power on November 23 was actually almost at its all-time high. Coin
Dance's statistics show that Saturday's data is almost the same as that on October 10, both reaching nearly 120,000PH/S. Bitcoin was trading at about $7,200 that day, compared with $8,600 in October.

(Bitcoin Hash Power, Source: Coin Dance)

Previously, Cointelegraph reported that as the price of Bitcoin fell, more and more people believed that Bitcoin miners were withdrawing. Statistician Willy
Woo said that as of this week, this process has been basically completed.

Based on the latest data, entrepreneur Alistair Milne objected, saying that miners actually don't care much about the current price trend.

"Miners are not capitulating," he said in a tweet on Sunday. "They are acutely aware of the upcoming halving and are clearly unfazed by the recent drop," he continued.

Bitcoin mining difficulty drops

Milne also believes that the increase in Bitcoin mining difficulty is also related to this. Until recently, Bitcoin mining difficulty has been declining.

Mining difficulty is used to measure the effort required to mine a Bitcoin block, and this metric is regularly adjusted to suit the current sentiment of miners. Earlier this month, mining difficulty saw its biggest drop this year, falling by 7 percentage points.

(Bitcoin mining difficulty, source: Blockchain)

Analyst PlanB believes that the current difficulty trend also shows that people's confidence in the profitability of mining remains.

"2% difficulty adjustment: no miner capitulation," he wrote on Friday, adding that this generally indicates a rise in prices.

According to Crypto This's "real-time difficulty generator", the next adjustment on December 5 may be nearly 5% higher than the current level.

Unlike mining difficulty, hashrate is difficult to estimate beyond a limited degree of precision and should not be used as a definitive guide to the level of miner participation.