{"id":108731,"date":"2020-11-10T06:24:44","date_gmt":"2020-11-10T03:24:44","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/big-mining-move-bitcoins-hash-power-increases-42-in-two-days\/"},"modified":"2020-11-10T06:24:44","modified_gmt":"2020-11-10T03:24:44","slug":"big-mining-move-bitcoins-hash-power-increases-42-in-two-days","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/big-mining-move-bitcoins-hash-power-increases-42-in-two-days\/","title":{"rendered":"# Big mining move: Bitcoin\u2019s hash power increases 42% in two days"},"content":{"rendered":"

“# Big mining move: Bitcoin\u2019s hash power increases 42% in two days <\/strong>”<\/p>\n

The hash power of the Bitcoin (BTC) network has jumped by roughly 30% over the past 24 hours, which if sustained, suggestsg a major difficulty adjustment may soon be incoming.<\/p>\n

According to Coinwarz, Bitcoin’s hash rate currently sits at 157.5 exahashes per second (EX\/s) after briefly pushing above 160 EH\/s. As of this writing, BTC hash power has increased by 42% in two days.<\/p>\n

Bitcoin hash rate 1-month chart: Coinwarz<\/a><\/figcaption><\/figure>\n

The spike follows a sharp decline in hash power in late October, which many analysts attributed to the end of the rainy season in the Chinese mining hub of Sichuan.\u00a0<\/p>\n

The province\u2019s abundant and cheap hydroelectric power is estimated to attract around 80% of Chinese miners during the wet season. In December, CoinShares estimated that Sichuan accounted for 54% of global mining activity.<\/p>\n

Quantum Economics analyst Jason Deane speculated that the sudden increase in Bitcoin hash power could be a sign that many Chinese miners have completed their migration from Sichuan and restored operations in other local mining hubs such as Xinjian and Inner Mongolia.<\/p>\n

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Whoa! big jump in #bitcoin<\/a> hash rate over last 10 hours (+29.7% trough to peak) Large number of machines just came online somewhere, relocated Sichuan region miners possibly? pic.twitter.com\/UKahgQ37Tm<\/a><\/p>\n

\u2014 Jason Deane (@JasonADeane) November 9, 2020<\/a><\/p><\/blockquote>\n

The sudden spike in mining activity suggests the network is likely to produce another significant difficulty adjustment.\u00a0<\/p>\n

A major upward adjustment would come at the chagrin of non-Chinese miners who have been enjoying boosted profits after October’s app<\/a>arent migration from Sichuan resulted in a 16% negative difficulty adjustment \u2014 the second-largest downwards adjustment in Bitcoin\u2019s history.<\/p>\n

Earlier this week, the world\u2019s largest generator of hydroelectric power for the private-sector, Russian firm En+ Group, announced it would be launching a cryptocurrency mining venture in partnership with local company, BitRiver.<\/p>\n<\/div>\n