{"id":279609,"date":"2021-06-21T09:08:46","date_gmt":"2021-06-21T06:08:46","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-hashrate-hits-8-month-low-as-chinese-miners-power-down\/"},"modified":"2021-06-21T09:08:46","modified_gmt":"2021-06-21T06:08:46","slug":"bitcoin-hashrate-hits-8-month-low-as-chinese-miners-power-down","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-hashrate-hits-8-month-low-as-chinese-miners-power-down\/","title":{"rendered":"# Bitcoin hashrate hits 8-month low as Chinese miners power down"},"content":{"rendered":"

“# Bitcoin hashrate hits 8-month low as Chinese miners power down <\/strong>”
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Bitcoin\u2019s hashrate has fallen to its lowest levels since early November as mining operations in China start unplugging.<\/p>\n

Bitcoin\u2019s network hashrate, a measure of its computational horsepower, has slumped 46% since its peak level in mid-May. According to Bitinfocharts<\/a>, Bitcoin hashrate is currently 91.2 EH\/s (quintillion hashes per second), close to half of its 171.4 EH\/s high posted less than six weeks ago.<\/p>\n

Bitinfocharts has also reported a drop in mining profitability from a peak of $0.449 USD per day per terahash per second to current levels of $0.226 over the same pe.<\/p>\n

BTC hashrate has not been this low for 8 months, last creeping below 90 EH\/s on November 3, 2020. A higher hash rate means greater competition among miners to validate new blocks, also increasing the scale of resources required to perform a 51% attack and thus making the network more secure.<\/p>\n

The slump in hashrate and mining profitability is due to the ongoing crackdown from Chinese authorities on Bitcoin mining facilities across the country. Over the weekend, images of major mining pools in China\u2019s Sichuan province being shut down were shared across social media<\/a>.<\/p>\n

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We gonna witness a history in bitcoin mining tonight, all mining farms (about 8m kw electricity load) will shutdown at 12pm Beijing time tonight, Harare rate already dropped significantly after sichuan gov announce shut down bitcoins mining farms in Sichuan. pic.twitter.com\/xRfqMCgWY1<\/a><\/p>\n

\u2014 Molly (@bigmagicdao) June 19, 2021<\/a><\/p><\/blockquote>\n