Bitcoin’s price has been in a prolonged decline since November 10, 2021, when the leading crypto asset hit an all-time high of $69,000 per unit. Over the past two weeks, Bitcoin has lost more than 19% in value, and the network’s hash rate has dropped from over 200 exahash per second (EH/s) to 174 EH/s, a loss of roughly 15% in ten days.
Kazakhstan’s civil unrest leads to speculation on hash rate losses, Kazakhstan’s bitcoin miners say problems haven’t affected them
this week civil unrest in kazakhstan It has sparked a lot of speculation about whether it will affect the global computing power of Bitcoin.The reason for this assumption is because Kazakhstan is estimated to account for at least 18% of the global hash rate, according to the most latest estimate From the Cambridge Centre for Alternative Finance (CCAF).View 30-day chart Bitcoin (BTC) hashrate said the protocol lost about 15% of its computing power in ten days.
report source People from Kazakhstan said the civil unrest had stabilized, and the country’s data center industry and the Kazakhstan Blockchain Association (NABCD) said the problems had not affected digital currency miners. There were issues that may have affected Bitcoin miners last week that were not related to the problems in Kazakhstan.
Bitcoin’s low price and high difficulty put pressure on Bitcoin miners
Five days ago, Bitcoin (bitcoin) changed hands at $46,500 per unit, but the price fell more than 10%. Also, a little over a month ago, the best performing mining rigs at 100 terahashes per second (TH/s) per machine could earn between $25 and $30 per day, with electricity billed at $0.12 per kWh.Today, the same mining equipment will produce $14.87 per day As of this writing, the same power draw is used. The drop in Bitcoin price definitely affects the hash rate, which may be one of the reasons for its 15% drop.
Another reason for the 15% drop in hash rate could be because of the last Mining difficulty increases. The last increase occurred on January 8, 2022, when the mining difficulty of the network increased by 0.41%. While this may not be a huge increase, the difficulty is very close to the metric’s all-time high, and the network has seen growth for three years in a row. More than 11 days from now, mining difficulty is expected to increase again, 0.67% higher than it is now.
Currently, Pool distribution statistics The past three days have shown F2pool and Foundry USA to be the top mining pools in the world today, as these two pools each own 16.74% of the global hashrate or 29.03 EH/s per pool.There are 13 known mining pools that use SHA256 hash rate exclusively for bitcoin Chain and unknown computing power accounts for 1.40% of the total or 2.42 EH/s. Despite the recent drop in hashrate, from December 31 to today, the hashrate has risen by 26.08% from the day before the new year.
What do you think of Bitcoin’s 15% drop in hash rate over the past ten days? Let us know what you think about this topic in the comments section below.
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