In mid-2023, the cryptocurrency market faced significant challenges, including a drop in Bitcoin's hashrate and record losses from hacks.
Bitcoin's Hashrate Down by 15%
Bitcoin's network hashrate, which measures the overall computational power of the blockchain, dropped by 15% in June. Starting the month at 942.6 million terahashes per second (TH/s), the current rate is 799 million TH/s. This sharp decline is the largest in three years and has led to speculation about possible causes. Key suggestions link the fall to rising electricity prices in the US due to hot weather and increased cooling demands.
Crypto Hacks Result in $150 Million Losses
In June, losses from crypto hacks grew to $150 million, bringing total losses for the year to $2.15 billion. According to a report from TRM Labs, 80% of these losses were attributed to key theft and front-end compromises. TRM highlights that security management is becoming a critical task for crypto companies, as stronger protective measures, including multifactor authentication and regular audits, become necessary.
250 Companies Holding Bitcoin
The number of companies adding Bitcoin to their balance sheets has reached 250, following the addition of 26 companies this month. Major corporations, like Strategy, have played a significant role in this movement. Despite skepticism from some analysts, such as VC firm Breed, who contend that few companies holding Bitcoin will survive the market, many continue to follow industry leaders.
June 2023 showed that the cryptocurrency market continues to face significant challenges. The drop in Bitcoin's hashrate and record losses from hacks highlight the importance of robust security in this sector. At the same time, the growing interest from companies in cryptocurrencies signifies continued market evolution.
