Bitcoin’s mining difficulty and hashrate are both down as a result of last week’s halving
Bitcoin’s mining difficulty is 15.14 trillion as compared to its all-time high of 16.55 trillion recorded in March. However, mining difficulty has decreased by 6% in the previously noted adjustment. The latest difficulty drop is the sixteenth largest drop in Bitcoin’s history. The next difficulty adjustment is likely to take place in about 15 days from now, and it may fall further.
Bitcoin’s mining difficulty, hashrate also decreases but is expected to increase
According to BTC.com, Bitcoin hashrate has also decreased by 25%.
Thomas Heller, global business director at F2Pool, said:
“Miners are adjusting to the new block rewards post-halving, and we have seen a drop of bitcoin hashrate from around 125 EH / s [exahash per second] pre-halving to about 90 EH / s now. Most of the hashrate drop has. been from older-generation machines from China, however, miners all over the globe have been affected.”
Source: Mining pools, BTC.com
According to The Block, Poolin’s vice president Alejandro De La Torre stated:
“Around 30% of miners have shut off their machines. Before the halving, these miners were just slightly profitable, but now they have had to shut down due to the 50% reduction of the mining reward.”
Because the hydroelectric season in China is expected to begin around May 25, 2020, many of these offline machines may get back online due to cheaper electricity prices.
De La Torre said:
“The wet season in China’s Sichuan province will undoubtedly push up the hashrate in short to mid-term as mining farm operators flock to this region in the upcoming months.”
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