Bitcoin’s Hashrate Slides 15% in 10 Days, Price and Difficulty Puts Pressure on BTC Miners – Mining Bitcoin News

Bitcoin price has been in a long losing streak since November 10, 2021, when the crypto asset reached 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 hash rate has dropped from over 200 exahhashes per second (EH/s) to 174 EH/s, losing nearly 15% in the last two weeks. ten days.

Civil unrest in Kazakhstan leads to speculation of shaky losses, Bitcoin miners in Kazakhstan say problems have not affected them

Civil unrest in Kazakhstan this week has caused many people to speculate about whether or not it will affect the global Bitcoin hash rate. The reason for this assumption is that it is estimated that Kazakhstan accounts for at least 18% of the global hash rate, according to the latest estimates from the Cambridge Center for Alternative Finance (CCAF). Looking at the 30-day graph of the Bitcoin (BTC) hash rate, it indicates that the hash power of the protocol lost nearly 15% in ten days.

Bitcoin Hashrate Drops 15% in 10 Days, Price and Difficulty Put Pressure on Bitcoin Miners
Hashrate stats on January 10, 2022.

Reports out of Kazakhstan indicate that civil unrest has settled, and the country’s Association of Data Center Industry and the Blockchain Association of Kazakhstan (NABCD) said the issues have not affected digital miners. There have been some issues that may have affected bitcoin miners over the past week that were not related to the issues in Kazakhstan.

Low bitcoin price and high difficulty put pressure on bitcoin miners

Five days ago, Bitcoin (BTC) was exchanging hands for $46.5K per unit, but the price has fallen more than 10% in value. Moreover, over a month ago, the best 100 Terahash per second (TH/s) mining rig would get $25 to $30 per day, per machine, and an electricity rate of $0.12 per kilowatt-hour. Today, the same mining rig will be producing $14.87 per day at the time of writing, using the same electrical consumption. The Bitcoin price drop can definitely affect the hash rate and may be one of the reasons for its 15% drop.

Another reason for the 15% drop in hash rate could be due to the latest increase in mining difficulty. The most recent increase occurred on January 8, 2022, when the network’s mining difficulty jumped 0.41%. While this may not represent a huge increase, the difficulty is very close to the all-time high of the scale, and the network has seen three straight increases in a row. In more than 11 days from now, mining difficulty is expected to increase again, up 0.67% from what it is today.

Currently, pool distribution statistics over the past three days show that F2pool and Foundry USA are the largest mining pools in the world today, with both pools owning 16.74% of the global hash rate each or 29.03 EH/s per pool. There are 13 known mining pools that allocate a SHA256 hash to the BTC chain and the unknown hash rate represents 1.40% of the total or 2.42 EH/s. Despite the recent drop in the hash rate, from December 31 to today, the hash rate is up 26.08% since the day before the new year.

Tags in this story

15% loss, 174 EH/s, Bitcoin Hash, Bitcoin mining, BTC Hashrate, BTC miners, Difficulty, F2Pool, Foundry USA, Global Hashrate, Hashpower, Hashrate, Kazakhstan, Civil unrest in Kazakhstan, miners, mining difficulty, mining pools , more than 200 EH / s, pool distribution, pressure, price

What do you think of the Bitcoin hash rate that has lost 15% in the past 10 days? Tell us what you think about it in the comments section below.

Jimmy Redman

Jamie Redman is the head of news at Bitcoin.com News and a technology financial journalist based in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source code, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.




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