Bitcoin’s Global Hash Power Balance
The global distribution of hash power may shift as various factors come into play during Bitcoin’s continued growth.Flex Yang is the CEO of Babel Finance, a leading cryptocurrency financial services provider based in Asia.What Are Some Key Factors In “Winning” The Global Hash Power War?In 2021, the bitcoin market is surely reaching an inflection point, as its market cap surpassed $1 trillion. Bitcoin’s ecosystem has seen evolutionary growth and structural change, but there are noticeable trends that have been disrupting Asia’s bitcoin mining industry, from the continent’s declining share....
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Earlier in April, an accident at a Chinese coal mine in Xinjiang sent Bitcoin network’s hash rate plummeting 30% in a span of a day, which crippled the major cryptocurrency’s rally. Now, Bitcoin’s hash rate is suffering a similar loss as miners based in Sichuan, China face limitations on power usage. The State Grid in […]
It appears many Chinese miners have completed their annual migration from Sichuan, with Bitcoin’s hash rate spiking more than 40% in two days. The hash power of the Bitcoin (BTC) network has jumped by roughly 30% over the past 24 hours, which if sustained, suggestsg a major difficulty adjustment may soon be incoming.According to Coinwarz, Bitcoin's hash rate currently sits at 157.5 exahashes per second (EX/s) after briefly pushing above 160 EH/s. As of this writing, BTC hash power has increased by 42% in two days.Bitcoin hash rate 1-month chart: CoinwarzThe spike follows a sharp decline in....
Analysts are anticipating Bitcoin’s second-largest negative difficulty adjustment of the year following the end of Sichuan’s rainy season. Mining data aggregators attribute a slump in Bitcoin’s hash rate to the end of the wet season in Sichuan, resulting in many miners migrating to other jurisdictions.On Oct. 26, Thomas Heller of Bitcoin (BTC) mining blog Hashr8 reported that roughly 22 exahashes per second (EH/s) of mining power had left the Bitcoin network, coinciding with the end of the season the previous day (based on weather forecasts). Kevin Zhang of mining-focused Digital Currency....
Bitcoin’s mining difficulty increased by 16.6 percent over the weekend, signaling that the network’s overall hash rate has also increased by a similar amount over the past two weeks. The network’s total estimated hash rate has essentially doubled since the middle of October. A large chunk of this increase has taken place over the past month, where the hash rate has increased by more than 50 percent. The network hash rate is the total amount of computing power pointed at the Bitcoin network. Pools That Saw Their Share of Total Hashing Power Increase. It’s difficult to know where exactly....
The Bitcoin network recorded the year 2022’s lowest power demand of 10.65 gigawatts (GW). At its peak, the BTC network demanded 16.09 GW of power. The overall power consumption of the Bitcoin (BTC) network recorded a drastic drop after mimicking the two-week-long fall in the mining hash rate, which reduced the commuting power for mining BTC blocks to 199.225 exahash per second (EH/s). According to the data shared by the Cambridge Centre for Alternative Finance, the Bitcoin network recorded the year 2022’s lowest power demand of 10.65 gigawatts (GW). At its peak, the BTC network demanded....