Home Cryptocurrency Bitcoin hashrate hits 8-month low as Chinese miners power down

Bitcoin hashrate hits 8-month low as Chinese miners power down

by Gordon James

Bitcoin hashrate reached a new low over the past week, as the hashrate in China dropped to the lowest level since the beginning of 2017. The drop was driven by a series of power outages at over 40 Bitcoin mining farms in northern China. The total hashrate is now at the lowest level since February 2017, when Bitcoin was in the middle of a major boom. The decline in hashrate has also coincided with the start of a long and drawn out bear market, which has led many in the Bitcoin community to fear that miners may be trying to reduce their hashrate in preparation for a change in the Bitcoin protocol.

No, it seems the largest mining pools in the world aren’t backing down yet. A recent report by statistician Digiconomist suggests that the hash rate of the world’s largest Bitcoin mining pools has hit a low not seen since early 2016. The fall was due to a drop in the number of new Bitcoin mining machines, with less than 100 Bitcoin mining farms, located in China, reported by the Chinese government.

The bitcoin hashrate has hit a low point for the first time in 8 months, with a reduction in mining from China. The reduction is caused by China’s recent ban on cryptocurrency exchanges, which has led to a reduction in the mining activity in the country. This has led to a drop in the hashrate to a low of 26.4 EH/s, which is 100,000 times lower than the previous peak.. Read more about bitcoin hashrate chart and let us know what you think.

Bitcoin’s hash rate has fallen to its lowest level since early November, when miners in China began pulling the plug.

The bitcoin network’s hash rate, a measure of computing power, has fallen 46 percent since its peak in mid-May. According to Bitinfocharts, bitcoin’s hash rate is currently 91.2 EH/s (quintillion hashes per second), almost half of the peak of 171.4 EH/s reached less than six weeks ago.

Bitinfocharts also reports a decline in mining revenue from a peak of $0.449 per day per Terahash to a current level of $0.226 for the same period.

The BTC hash rate has never been this low in 8 months. The last time he got below 90 EH/s was on the 3rd. November 2020. A higher hash rate means more competition between miners to validate new blocks, which also increases the amount of resources needed to carry out an attack by 51%, making the network more secure.

The decline in hashrate and mining profitability is related to the Chinese authorities’ crackdown on bitcoin mining operations across the country. Images of the closure of large mining ponds in China’s Sichuan province surfaced on social media over the weekend.

Today we are witnessing a historic event in bitcoin mining, all mining farms (about 8 million kW of power) will be shut down at 12pm Beijing time, today the price in Harare has already dropped significantly after the Sichuan government announced the closure of bitcoin mining farms in Sichuan pic.twitter.com/xRfqMCgWY1

– Molly (@bigmagicdao) 19. June 2021

On the 18th. In June, authorities in Ya’an, a prefecture in western Sichuan province, ordered the closure of local bitcoin mines. In late 2019, CoinShares estimated that Sichuan is home to more than half of the world’s hashrate, and attracts miners with its cheapness and seasonal abundance of hydropower.

On the 12th. In June, Yunnan provincial authorities also issued a notice ordering an investigation into alleged illegal use of electricity by individuals and bitcoin mining companies.

According to a CNBC report published on 15. In June, Castle Island Ventures partner Nick Carter noticed the drop in bitcoin’s hash rate and advised: It looks like factories are closing across the country. In early May, Cointelegraph reported that there are already signs that the bitcoin hashrate is starting to leave China.

Carter predicted that at some point at least half of the total bitcoin hashrate will leave China.

North America, particularly Texas, has become a major destination for what is known as the big mining boom, due to favorable legislation and an abundance of cheap renewable energy sources.The Bitcoin hashrate hit an 8-month low over the weekend as Chinese miners power down after hitting a profit ceiling.. Read more about china blackout bitcoin and let us know what you think.

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