Bitcoin’s hash rate has dropped by 25% since the weekend – a worrying sign for the security of the largest cryptocurrency network ahead of its upcoming debut. The “half” event..
Data from MiningPoolStats Offers The total real-time hash rate from all known mining pools dropped from 570 exahashes per second (EH/s) on Sunday to 425 exahashes per second (EH/s) on Tuesday. It currently stands at 550 EH/s. An exahash per second refers to the speed at which the Bitcoin mining computers guess the number, with one exahash equaling a quintillion hashes.
In order for Bitcoin miners to process transactions, they must make a number of guesses on a complex mathematical problem. A higher hash rate means that miners are making more guesses and therefore working harder to secure the network.
The reason for the decrease in hash rate? Texas miners are cutting power to boost the local grid amid a cold outbreak. Texas Blockchain Council male problem on Monday and said it was “ready to adjust operations to maintain network stability.”
Texas is a major hub for Bitcoin mining due to the state’s cheap electricity. Bitcoin miners need as much energy as possible to run the blockchain network.
Hash rate is an important security metric that indicates how much computing power miners use per second. The more computing power is used, the more difficult it will be for attackers to take control of more than half of the Bitcoin network.
A low hash rate is a bad thing for the Bitcoin network overall – especially before the halving event.
The upcoming Bitcoin halving will see the amount of Bitcoin given to miners cut in half. This is expected to happen in April and will be the fourth such event since the launch of the cryptocurrency in 2008.
Instead of 6.25 BTC, miners – who mint new cryptocurrencies and keep the network running – will be rewarded with 3.125 BTC for each block they process. The bounty cut limits the amount of new bitcoins being minted and entering the market, and is intended to keep bitcoin’s inflation rate under control, even though the supply of the digital currency is fixed at 21 million.
some Market analysts expect This will push up the price of Bitcoin because the available supply of the asset will become even more scarce than it already is. Historically, halvings have been preceded by a rally for Bitcoin, although analysts disagree on the impact of the halving on the market since the event is known in advance and built into Bitcoin’s code.