Fun

Bitcoin Hashrate Down 45% – Miners Witness Second-Largest Difficulty Drop in History

News Feed - 2020-03-27 12:03:47

Bitcoin Hashrate Down 45% - Miners Witness Second-Largest Difficulty Drop in History


Bitcoin’s hashrate has plummeted 45% since the record-breaking levels it saw on Feb. 29. The hashrate touched an all-time high of 136 exahash per second (EH/s) but has since dropped to 75 EH/s. Moreover, the crypto network has seen the second-largest difficulty drop since October 2011.


Also read: While You’re Under Quarantine, Check These Sites for Remote Crypto Jobs Bitcoin Hashrate Declines 45% Since All-Time High


The latest cryptoconomy price shift has capitulated a number of small mining operations and BTC’s overall hashrate has dropped 45% in 30 days. The price drop stemmed from the looming economic crisis scaring the entire world and BTC is hovering between $6,600-6,850 per coin. On Feb. 29, the network’s hashrate spiked to the highest level ever captured, reaching 136 EH/s. But during the last 30 days and especially since the infamous “Black Thursday” on March 12, BTC’s hashrate dropped to a low of 75 EH/s. Statistics show that miners paying above $0.05 per kilowatt-hour (kWh) are not seeing the best profits. Naturally, this has caused some operations to shut off miners, as they hope to re-enter when the price gets better. Do you want to maximize your Bitcoin Mining potential? Plug your own hardware into the world’s most profitable Bitcoin mining pool or get started without having to own hardware through one of our competitive Bitcoin cloud mining contracts. Second-Largest BTC Difficulty Drop


Miners leaving the system and the hashrate dropping 45% have caused the second largest BTC network difficulty drop since 2011. Basically, the network’s difficulty is a measure of how hard it is to find the hash beneath a specified target. The drop was around 15.5% after the difficulty went from 16.5 trillion to 13.9 trillion on Thursday. BTC’s difficulty is based on a two-week interval or 2,016 blocks, but it’s also affected a great deal when a large number of mining operations stop mining.



The last times BTC saw such a drastic difficulty dip were in December 2018 (15%) and October 2011 (around 18%). The price drop BTC experienced last week was the worst in years and it wasn’t nice for miners hoping for a bull run. Meanwhile, with the difficulty so low, a few crypto observers have noticeda lot more miners bouncing back and forth between the BCH and BTC networks. Both blockchains will see a block reward reduction during the next month and a half, as BCH will halve in 12 days on or around April 8. BTC will see its block subsidy chopped in half around 48 days from now on or around May 13.


What do you think about BTC’s hashrate dip and the plummeting network difficulty? Let us know in the comments section below. Read disclaimer Disclaimer: This article is for informational purposes only. It is not an offer or solicitation of an offer to buy or sell, or a recommendation, endorsement, or sponsorship of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Related Crypto Mining Crunch Time - Bitcoin Halving Less Than 50 Days Away While Global Economy Shudders MINING | 3 days ago


On or around May 13, the BTC network will see a block reward reduction as miners will go from getting… read more. BTC Hashrate Follows Price Drop - 20% Lower Before Bitcoin Halving MINING | Mar 16, 2020


Four days ago, digital currency markets lost billions and prices sank to levels not seen since last March. The market… read more. Tags in this story 13.5 trillion, 13.9 trillion, 136 EH/s, 16.5 trillion, 2016 Blocks, 45% Down, 75 EH/s, Bitcoin, bitcoin cash, Bitcoin Cash Halving, bitcoin halving, Bitcoin network, BTC, Cryptocurrency, difficulty, difficulty adjustment algorithm, Exahash, Halving, Hash, Hashrate, Miners, mining, Mining Operations, Mining Pools, mining rigs, network, Price Drop, Prices


Image Credits: Shutterstock, Pixabay, Wiki Commons, Blockchain.com, Coinwarz.com, and CC Images. You can now purchase Bitcoin without visiting a cryptocurrency exchange. Buy BTC and BCH here. Show comments Please enable JavaScript to view the comments powered by Disqus.

News Feed

Creators of the Otherside Metaverse Drop New Teaser Video Featuring Creatures Called Kodas
Creators of the Otherside Metaverse Drop New Teaser Video Featuring Creatures Called Kodas Yuga Labs, the creators of the popular Bored Ape Yacht Club (BAYC), Mutant Ape Yacht Club
Over 2,300 Cardano Smart Contracts Are Waiting in Timelock, ADA Price Slides 20% Over 2 Weeks
Over 2,300 Cardano Smart Contracts Are Waiting in Timelock, ADA Price Slides 20% Over 2 Weeks Following the successful Alonzo hard fork, the Cardano network now has a large swathe
John McAfee’s Widow Is Still Extremely Skeptical of Her Husband’s Alleged Suicide
John McAfee"s Widow Is Still Extremely Skeptical of Her Husband’s Alleged Suicide Following a report from John McAfee’s biographer, the former antivirus
Tom Mitchelhill3 hours agoSHIB, BONE, LEASH tokens dip amid rumors of $2.5M Shibarium gaffeShiba Inu and related-token prices plunged since Shibarium"s launch, while rumors of a significant technical error in the new Shi
Blockfi Ordered to Stop Offering Interest-Bearing Crypto Accounts in New Jersey
Blockfi Ordered to Stop Offering Interest-Bearing Crypto Accounts in New Jersey On July 19, the CEO of the crypto financial services firm Blockfi, Zac Prince, to
Tom Mitchelhill7 hours agoTwitter is now worth half of the $44B Elon Musk paid for it — ReportAccording to an internal memo reportedly circulating within X, the company is now valued at just $19 billion.1689 Total view
Why Top Global Brands Like the NBA and UFC Choose Dapper Labs’ Flow Blockchain
Why Top Global Brands Like the NBA and UFC Choose Dapper Labs" Flow BlockchainDeveloped by the team behind some of the most successful crypto applications in the world, Flow is a bl
Ark Invest CEO Warns Rate Hikes Could Fuel a ‘Deflationary Bust’ in Open Letter to the Fed
Ark Invest CEO Warns Rate Hikes Could Fuel a "Deflationary Bust" in Open Letter to the Fed Following the United Nations Conference on Trade and Development (UNCTAD) report that the
Avalanche Nears Breakout – Top Analyst Sets $420 Target For AVAX This Cycle
Este artículo también está disponible en español. Avalanche (AVAX) has surged over 40%, reaching a critical supply level that, if broken, could trigger a substantial rall
Digital Assets Under Management 5.25% Higher in February — Grayscale Still ‘Most Dominant Player’
Digital Assets Under Management 5.25% Higher in February — Grayscale Still "Most Dominant Player" The value of digital assets under management (AUM) for digital asset investment
Ethereum Mirrors Bitcoin 2017-2021 Pattern – $4,000 Is The Trigger Point
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu
The Silent Bitcoin Accumulation: Public Companies’ Surprising H1 2025 Lead
Reason to trust Strict editorial policy that focuses on accuracy, relevance, and impartiality Created by industry experts and meticulously reviewed The highest standards in reporting and pu