Bitcoin Hashrate Decreases 35% Over the Day – Mining Difficulty Decreased 23% – Mining Bitcoin News
Bitcoin’s hashrate saw a sharp drop of almost 35% in a single day. The hashrate plummeted from 108 exahash per second (EH / s) yesterday to 69 EH / s today and experienced one of the sharpest declines on the network. This could be a consequence of the situation of miners in China. The numbers also estimate a decrease in mining difficulty of about 23.7% over the next week.
Bitcoin hashrate is falling
Bitcoin hashrate, the amount of work that secures the Bitcoin network, has dropped sharply over the past week. In just one day, the hashrate fell from 108 EH / s to 69EH / s, a decrease of almost 35%. It’s worth noting that intraday hashrate records are not always reliable and the 35% decrease in a few days could be a lower value.
It’s one of the largest hashrate declines the Bitcoin network has seen in recent years, and it affects the operation of Bitcoin’s transaction confirmation times.
The BTC network only produced 77 blocks yesterday, according to the data collected by Trustnodes. The Bitcoin network has a defined block time of 10 minutes, so it should produce 144 blocks per day. This means that the average block times between intervals have expanded to nearly 20 minutes or more.
Bitcoin was designed to regulate difficulty in order to achieve smoother block times. This adjustment, which is scheduled to take place on June 3, would reduce the difficulty level by 23.7%, according to estimates by btc.com. If it was above this percentile, it would be one of the biggest difficulties in the history of the Bitcoin blockchain, if the terms stayed the same.
China is collapsing on mining
This unusual drop in Bitcoin hashrate could be the result of the recent crackdown by the Chinese government against cryptocurrency mining operations. Several key provinces of the Bitcoin mining division (Inner Mongolia, Sichuan, Yunan, and Xinjiang) have issued mining bans and key centers have been closed as a result. While most miners are expected to move to other latitudes, the exodus will be slow and painful.
Even though countries like El Salvador and cities like Miami offer incentives for miners from China, relocating a Bitcoin mine is not an easy task. Thousands of ASICS need to be shipped, electrical installations adjusted and checked, and permits obtained. Therefore, some believe this situation will continue for some time before the miners move.
While most analysts believed that the majority of the hashrate is in China, there have not been and still are no reliable statistics on the matter. But these latest numbers provide a clear picture of the global mining map prior to the mining ban in China.
What do you think of the recent bitcoin hashrate drop and the next difficulty adjustment? Let us know what you think in the comments section below.
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