Bitcoin network’s sharp hash rate drop
Bitcoin network’ hash rate is formed by the combination of all miner’s processing power that each miner makes. Unfortunately, it’s been a few days that bitcoin network’s hash rate is in the least amount since the middle of 2019.
According to you today website, Bitcoin Blockchain assessor website’s data shows that Bitcoin network’s hash rate has reached 58 Hex hash per second that is the lowest amount from June 2019.
The recent limitations in china and some other countries had to close their cryptocurrency mining farms in some countries and make crypto mining illegal temporary in summer because of the power outage and miners high level of power usage.
Also a lot of countries, closed and shut their cryptocurrency mining farms with a negative reaction.
Bts.com mining pools, ant pool and poolean have lost more than 50% of their network’s hash rate. The interesting point is that this intense decreasing of Bitcoin network’s hash rate is happened within a month.
According to the estimates, after Bitcoin network’s hardness correction on Friday, Bitcoin mining network’s hardness will decrease to 25%.
This intense drop of Bitcoin network’s hash rate was happened after china ordered to the power companies to stop giving services and power to the cryptocurrency and digital currency mining farms, after this order, millions of miners was forced to shut down their mining devices. According to news, 90% of Chinese miners will shut their devices until the end of this month.
Kevin Zhang, deputy of foundry mining pool called the Chinese government’s decision to restrict the miner activities “irrational.”