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Main aspects:
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Various metrics place the hashrate between 90 and 109 hexahs per second.
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Although the processing power has decreased, it is not reflected in the price.
The hashrate or processing power of the Bitcoin network shows a decline that has spread over the past few days. Several analysts and news services making life in the bitcoiner ecosystem agree that there is a downturn, but they reflect different figures.
For developer Jameson Lopp, for example, the drop would be 45% over the past three days. Through his Twitter account, the CTO of the company Casa He showed a graph in which it is observed that the decrease has gone from about 162 exahashes per second, recorded on Saturday, to about 90 for this Tuesday 27 October.
Analyzing the data provided by blockchain.com, it can be seen that on October 12 the processing speed reached a maximum of 159 exahash per second, while on October 23 the peak was 151. The values for this Sunday showed a greater decline, reaching 109 esahashes per second, which agrees with the percentage presented by Lopp.
The values were also confirmed by the Bitinfocharts service. On its website, metrics show that the hashrate peak was 157 exahash per second on Oct.17. For the 26th the figure was 116. At the time of publishing this article, the company pointed out that the daily average for this Tuesday was 99.9 EH / s, 14.6% less than this Monday’s data .
What happened it is not affecting the cryptocurrency market, until now. At the time of this article’s publication, the price of bitcoin (BTC) was $ 13,656 per unit, up 5.2% from its value this Monday, according to the CriptoNoticias Markets Index.
By extending the analysis to the last seven days, the increase in BTC’s price is even greater. According to Coingecko, in the last week the first cryptocurrency has appreciated by 16.6%, while in the last 14 days the increase is 18.7%.
China, bitcoin miners and hashrate drop
Lopp said the fall would be related to a massive migration of miners to China, who would move their gear after the rainy season ended.
“Bitcoin’s hashrate has dropped (by) 45% in the past 3 days, presumably due to Chinese miners moving equipment for the dry season,” Lopp shared on the social network.
The behavior is due to the fact that miners try to operate equipment in areas served by hydroelectric plants, which in theory results in lower rates for energy consumption during the rainy season. The provinces of Xinjiang, Neimonggu and Heilonggiian of Sichuan would have been a favorite of miners.
What happened with the migration of miners was also reviewed by Thomas Heller of the H4SHR8 mining blog. For fans, the rainy season ended on October 25 and now many Sichuan mines are preparing to go to Xinjiang, Mongolia or overseas.
“Looking at the top 10 (mining) pools, we can see that around 22 EH / s have left the Bitcoin network. Not a precise measure, of course, but superimposed on the number of blocks mined per day, we can get a rough idea of the change. of the hashrate “, revised Rather.
The fact that miners are looking for more favorable electricity rates to develop their business is a valid argument. However, it is not without risk. In July 2018, CriptoNoticias reported that a series of floods in China destroyed cryptocurrency mining equipment. One of these episodes took place in Sichuan, recognized as the mining “capital” of the country.
As a counterpart, it should be remembered that due to the increase in the price of bitcoin and the decrease in processing power, terahash (TH) is now more profitable. According to the Hashrate Index, the appreciation went from $ 0.0889 per day for each TH to $ 0.1088.
It is important to remember that preliminary estimates indicate that China would concentrate 70% of the global hashrate on bitcoin mining, an aspect that has been questioned in the past because it would have been executed centrally.
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