Bitcoin Hashrate Plummeted: A Closer Look
There is ongoing speculation about why the Bitcoin price has plummeted. We are taking a closer look at one of the potential explanations.
The current mantra stays the same: Bitcoin is bleeding. In the article “Bitcoin Massacre: Why $1100 Plunge?” Altcoin Buzz brought up the factor of dwindling hash rates. Is it a coincidence that just before the launch of the much anticipated Bakkt, the total cumulative of the computer systems mining Bitcoin blockchain plummeted?
The answer is: it could very well be the case. There might be a correlation between the sudden nosedive of the Bitcoin hashrate and the launch of the Bakkt platform. However, there is evidence that primary Bitcoin mining operations located in Canada and Kyrgyzstan have also suffered power outages. Currently, the Bitcoin hashrate seems to have returned to its pre-flash-crash levels.
What Caused The Bitcoin Hashrate Plummet?
Analysts say it might not be unconnected with what had happened in Kyrgyzstan. The nation cut off power to about 45 mining firms according to the local news outlet
At the point in time, there have been sketchy reasons to the sudden drop in the Bitcoin hash rate, but be assured that we shall keep you updated on the situation as it unfolds. Currently, the hashrate has risen to 92 million TH/s, but the fact that an unknown factor could drop the network’s hashrate to such a significant percentage raises questions about the overall security of the system.
For your contributions and comments regarding the fall of the Bitcoin hashrate, kindly make use of the comment below.
Source: altcoinbuzz.io
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