Bitcoin Hashrate Down 45% - Miners Witness Second-Largest Difficulty Drop in History
Bitcoin’s hashrate has plummeted 45% since the record-breaking levels it saw on Feb. 29. The hashrate touched an all-time high of 136 exahash per second (EH/s) but has since dropped to 75 EH/s. Moreover, the crypto network has seen the second-largest difficulty drop since October 2011.
Also read: While You’re Under Quarantine, Check These Sites for Remote Crypto Jobs Bitcoin Hashrate Declines 45% Since All-Time High
The latest cryptoconomy price shift has capitulated a number of small mining operations and BTC’s overall hashrate has dropped 45% in 30 days. The price drop stemmed from the looming economic crisis scaring the entire world and BTC is hovering between $6,600-6,850 per coin. On Feb. 29, the network’s hashrate spiked to the highest level ever captured, reaching 136 EH/s. But during the last 30 days and especially since the infamous “Black Thursday” on March 12, BTC’s hashrate dropped to a low of 75 EH/s. Statistics show that miners paying above $0.05 per kilowatt-hour (kWh) are not seeing the best profits. Naturally, this has caused some operations to shut off miners, as they hope to re-enter when the price gets better. Do you want to maximize your Bitcoin Mining potential? Plug your own hardware into the world’s most profitable Bitcoin mining pool or get started without having to own hardware through one of our competitive Bitcoin cloud mining contracts. Second-Largest BTC Difficulty Drop
Miners leaving the system and the hashrate dropping 45% have caused the second largest BTC network difficulty drop since 2011. Basically, the network’s difficulty is a measure of how hard it is to find the hash beneath a specified target. The drop was around 15.5% after the difficulty went from 16.5 trillion to 13.9 trillion on Thursday. BTC’s difficulty is based on a two-week interval or 2,016 blocks, but it’s also affected a great deal when a large number of mining operations stop mining.
The last times BTC saw such a drastic difficulty dip were in December 2018 (15%) and October 2011 (around 18%). The price drop BTC experienced last week was the worst in years and it wasn’t nice for miners hoping for a bull run. Meanwhile, with the difficulty so low, a few crypto observers have noticeda lot more miners bouncing back and forth between the BCH and BTC networks. Both blockchains will see a block reward reduction during the next month and a half, as BCH will halve in 12 days on or around April 8. BTC will see its block subsidy chopped in half around 48 days from now on or around May 13.
What do you think about BTC’s hashrate dip and the plummeting network difficulty? Let us know in the comments section below. Read disclaimer Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Related Crypto Mining Crunch Time - Bitcoin Halving Less Than 50 Days Away While Global Economy Shudders MINING | 3 days ago
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Four days ago, digital currency markets lost billions and prices sank to levels not seen since last March. The market… read more. Tags in this story 13.5 trillion, 13.9 trillion, 136 EH/s, 16.5 trillion, 2016 Blocks, 45% Down, 75 EH/s, Bitcoin, bitcoin cash, Bitcoin Cash Halving, bitcoin halving, Bitcoin network, BTC, Cryptocurrency, difficulty, difficulty adjustment algorithm, Exahash, Halving, Hash, Hashrate, Miners, mining, Mining Operations, Mining Pools, mining rigs, network, Price Drop, Prices
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