Rain Season Delay and Halving Stall Lead to Dropping Bitcoin Hashrate

Rain Season Delay and Halving Stall Lead to Dropping Bitcoin Hashrate

According to hash rate data from OKex Explorer OkLink, the computing power of the entire Bitcoin network has fallen below 100EH / s, and the current computing power of the entire network is 98.50EH / s, a decrease of 5.48% in 24 hours. The next difficulty estimate is forecasted to be 15.24T, a drop by about 5.4%.

According to news reports, after the halving occurs, it is expected to see about 20-40% of the mining machines to shut down. According to the previous prediction by Bitmain CEO Jihan Wu, the computing power of the entire network will drop by about 20% after the halving. 

Subsequently, it seems that the elimination of old mining machines is leading to a further decline in the computing power of the entire network. Additionally, the raining season period in Sichuan has not yet begun yet, and many mines are still waiting for cheap hydroelectricity to start mining. Some miners are also relocating and moving their machines at the moment, which seems to be correlated with current low computing power.

Leave a Reply

More from GCR

Community

GCR Community Report

Introduction Global Coin Research (GCR) is a research and investment DAO focused on Web3. Our mission is to pioneer the future of community-driven investing. At

Featured

What’s the Difference Between a...

by Carlos Solana Why own an NFT when you could just download the image depicted on it, save it, and look at it as many

Featured

How Web3 is Disrupting Traditional...

The application of blockchain technology is catching the attention of the nonprofit community. By Bleu Blakslee To survive the pandemic, nonprofits have had to navigate