From an ATH of 249 exahash per second, the Bitcoin hash rate drops more than 30% amidst market uncertainties. The reason for this sudden drop in Bitcoin’s hash rate is unknown. Though, it can be attributed to the fact that Bitcoin hasn’t been doing particularly well recently, and this is just a repercussion of that. In a few days, the Bitcoin mining difficulty is also expected to increase, which could have a further impact on miners.
Bitcoin hash rate drops from ATH
For more than a month, Bitcoin’s hash rate was on the rise and made an all-time high of 249 EH/s. After the same, it dropped on 27th February by nearly 30% to 169 EH/s. The continuous rise of the hash rate increased mining difficulty considerably. And the falling price of Bitcoin could have made it difficult for many miners to operate all of their devices. For example, the older mining rigs from 2016-17 were profitable when the price of Bitcoin was above $60k, but with current prices, a lot of them would be making losses.
Even the on-chain metrics show that Bitcoin mining monthly revenue and stats are down. The expected change in the next few days was a 1.18% increase in the mining difficulty of Bitcoin. But the recent 30% drop could probably result in a drop in difficulty. A decrease in difficulty would make it easier for miners and could also help in the hash rate recovery.
Current BTC mining leaders
With a hash rate of 38.85 EH/s, the current Bitcoin mining leader globally is Foundry USA. After them, we have Antpool with a 30.49 EH/s hash rate which contributes around 16.1% of the global value. On the third position, we have the F2 pool. There are 11 other mining firms that contribute to nearly 90% of the global hash rate, with the first 3 combined.
The most popular mining device among the mining leaders is the Bitman Antminer S19 Pro, with a hash rate of 110 TH/s. They are SHA256 based application-specific ASIC devices. And very soon, a new version of the same with a much higher hash rate and lower power consumption will arrive.
What are your thoughts as the Bitcoin hash rate drops from ATH? And do you think the falling prices are a reason for this? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: China makes crypto fundraising illegal amidst market uncertainties.
