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Bitcoin Hashprice Plummets to Historic Lows: What's Next?

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Tue, 22/08/2023 - 6:08
Bitcoin Hashprice Plummets to Historic Lows: What's Next?
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The Bitcoin hashprice has plunged to an all-time low, according to Checkmate, one of the key analysts at Glassnode,

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Hashprice essentially reflects the reward per hash for miners, or the amount they earn for validating transactions. Analysts have pointed out that this reward has never dipped this low in both Bitcoin (BTC) and US Dollar (USD) denominations.

The Bitcoin network hash rate serves as a testament to the digital currency's robustness and growing computational power. Recent data reveals that the Bitcoin network hash rate has reached a commendable level of 429.72M Terahashes/second (TH/s). This represents a 1.85% increase just from yesterday when it stood at 421.91M TH/s.

More impressively, when juxtaposed against figures from a year ago, which were recorded at 205.77M TH/s, there's a staggering surge of 108.8%.

In the meantime, Bitcoin's price currently is fluctuating below the $26,000 level after a 10% drop. 

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Several cryptocurrency experts have given their insights on the matter. Notably, Checkmate took to Twitter to emphasize Bitcoin's proof-of-work mechanism's resilience.

He argued that even with the diminished security budget, the Bitcoin chain remains unbreached. This observation alludes to the foundational strength and security underpinning the Bitcoin network.

Offering a counterpoint, Beau Breedlove argued that the focus should shift from revenue per hash to plain revenue, especially considering the surged hash rate. Replying to this, Checkmate stressed the significance of gauging miner income in relation to the value safeguarded on the network.

Weighing in on the discourse, Nicholas Gregory proposed that regulators might find it easier to prohibit Bitcoin rather than undermine it. He underscored the daunting expenses and intricacies tied to challenging the proof-of-work consensus mechanism, thereby solidifying its robust nature. Echoing this sentiment, Checkmate asserted that proof-of-work remains a costly avenue for potential attacks.

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