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Bitcoin's 'Great Hash-Power Migration' May Continue - Glassnode

Thu, 07/01/2021 - 11:34
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Alihuseyn Gulu-Zada
Glassnode published a graph of the network's reaction to the 'Great Hash-power Migration'
Bitcoin's 'Great Hash-Power Migration' May Continue - Glassnode
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On-Chain Data and Intelligence Platform Glassnode published a Bitcoin hashrate chart. According to the think tank, the first cryptocurrency's sliver of difficulty has flipped due to the network's reaction to the "Great Hash Migration".

According to Glassnode, this scenario is not part of the 27% downward adjustment expected on July 3. Nevertheless, this scenario would flip the tape the most since 2018.

Note that in June, the price of the first cryptocurrency, despite the 2.7% decline, still outperformed other altcoins in terms of market capitalization. 

Also, the volatility of the first cryptocurrency has experienced dramatic changes over the past year. At the moment, it is still quite high, though comparably lower than the data from January 2020. 

On the other hand, Bitcoin's hashrate has stabilized after 10 consecutive days of price declines. According to Glassnode, the worst effects of China's recent mining crackdown may be over.

Also according to Glassnode, Bitcoin's average hashrate (over a 7-day period) on Tuesday (29 June 2021) was 90.6 EH / s, slightly higher than Monday's (28 June 2021) result of 90.5 EH / s. It is worth noting that this data is still half of the peak level reached in mid-May.

It is believed that the news about the ban on Bitcoin mining and the introduction of regulatory measures on cryptocurrencies in China influenced this decrease in the hashrate to a large extent. As well as operations to confiscate mining equipment in Iran.

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About the author

Alihuseyn graduated from Yale University with a focus on linguistics and philosophy. He has worked as a journalist-analyst for Trend News Agency. At the same time, he is an academically trained singer (baritone) and a composer. Alihuseyn has been involved in cryptocurrency and blockchain since 2017 and is an enthusiast in this field, considering blockchain technology revolutionary and capable of changing society. In this area, he has written several theoretical and analytical pieces.