Home Latest News Bitcoin Hashrate Slams Down After New ATH As Price Continues Struggle |...

Bitcoin Hashrate Slams Down After New ATH As Price Continues Struggle | Bitcoinist.com – Bitcoinist


Data shows the Bitcoin mining hashrate has already plunged down since the new all-time high as the crypto’s price has continued to struggle.
The “mining hashrate” is an indicator that measures the total amount of computing power connected to the BTC network.
When the value of this metric rises, it means more mining rigs are coming online right now. Such a trend may suggest that miners are finding the network attractive currently.
On the other hand, a decline of the indicator suggests that some miners are taking their machines off the network, perhaps because of low profitability.
Usually, high values of the hashrate result in better performance of the blockchain, while low ones may lead to transactions being handled slower.
Now, here is a chart that shows the trend in the Bitcoin hashrate over the past year:
Bitcoin Mining Hashrate
As you can see in the above graph, the weekly Bitcoin mining hashrate set a new all-time high (ATH) of 231 EH/s just a few days back.
However, over the last two days or so, the metric has already observed some sharp downtrend, and its value is now around just 200 EH/s.
Revenues of miners depend on mainly a couple of things, the value of BTC in USD, and the total network hashrate.
Related Reading | 14 Members Of The US Congress School EPA On Bitcoin Mining And Green Energy
Since miners normally pay their electricity bills and other running costs in the dollar, BTC’s price in USD is relevant for them.
The recent crash in the price of Bitcoin has meant miners’ block rewards (which have a fixed value as a whole) are now worth lesser.
The hashrate represents the amount of competition between the individual miners. Higher its value, more divided are the rewards between the miners.
Related Reading | Crypto Liquidations Hit Almost $300M As Carnage Continues
So, a high amount of hashrate can lead to lesser rewards for all or some miners (unless they keep up with the competition in expanding their facilities).
As both of these factors have gone wrong from the Bitcoin miners’ perspective recently, their revenues have suffered.
With the continued struggle in the crypto’s price in recent days, it seems miners with low efficiency machines or high electricity costs have started to take some rigs offline, registering as a decline in the hashrate.
At the time of writing, Bitcoin’s price floats around $19.4k, down 29% in the last seven days.
Bitcoin Price Chart
For updates and exclusive offers enter your email.
Loves to write, enthusiastic about cryptocurrency. Currently studying Physics at university.
Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.
© 2021 Bitcoinist. All Rights Reserved.


Previous articleBrazil’s Federal Revenue now requires citizens to pay taxes on like-kind crypto trades – Cointelegraph
Next articleLUNA 2.0 price in trouble after South Korea blocks Terra developers from leaving the country – FXStreet
He is well known among his circle for his incredible attraction towards smartphones and tablets. Charles is a python programmer and also a part-time Android App developer.