The Bitcoin network’s hashrate has mysteriously crashed over 40% on Monday, September 23, after it dipped from around 98 EH/s to around 57.7 EH/s before recovering.

The crash occurred after the hashrate hit a new all-time high above 100 EH/s on September 18. It isn’t clear what’s behind it, as competing networks using the same hashing algorithm – including the Bitcoin Satoshi’s Vision and Bitcoin Cash hard forks – didn’t see a significant hashrate increase, which means large miners didn’t choose to mine another cryptocurrency.

A cryptocurrency’s hashrate helps secure its network, as miners use their computing power to make calculations and find new blocks. Through Proof-of-Work, transactions on it are validated and the network becomes increasingly more secure, as hitting it with a 51% attack requires an increasingly large amount of computing power.

At press time, the hashrate on Bitcoin’s network has seemingly already started recovering, as it’s now at 88.3 million TH/s. Looking at hashrate distribution charts it doesn’t appear one single miner lost a large amount of computing in the last 24-hour period, although in the last few days BTC.com’s pool seemingly went from 19% to 24.2% of the network’s hashrate.

While the price of bitcoin has been struggling to stay above the $10,000 mark, its hashrate has been growing exponentially in the last few months. In July CryptoGlobe reported it hit 74.5 million TH/s, merely one month after hitting 65 million TH/s.

In comparison, the Bitcoin network’s hashrate was of little over 33 million TH/s at the beginning of the year, and of 2.5 million TH/s in the beginning of 2017, before the bull run that saw BTC hit a near $20,000 all-time high.


Source: Fracisco Memoria - Cryptoglobe

1 Comment

  • Myrtle
    Posted October 10, 2019 5:15 pm 0Likes

    Its like you read my thoughts! You seem to know a
    lot about this, such as you wrote the e book in it or something.
    I feel that you simply can do with a few % to power the message home a little bit, however instead of that,
    that is excellent blog. An excellent read. I’ll certainly be back.
    I couldn’t refrain from commenting. Exceptionally
    well written! I have been surfing online more
    than 4 hours today, yet I never found any interesting article like yours.

    It’s pretty worth enough for me. In my view, if all web
    owners and bloggers made good content as you did, the internet will be a lot
    more useful than ever before.

Leave a comment

X