Main Reason Bitcoin (BTC) Hashrate Surged Back Above 100 EH/s After Precipitous Drop

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Mon, 04/06/2020 - 14:34
Alex Dovbnya
Bitcoin's hashrate has surged back above 100 EH/s after a historic difficulty adjustment
Cover image via stock.adobe.com
Contents

Bitcoin's hashrate once again surpassed the 100 EH/s on Apr. 5 after dropping to its lowest level since September 2019.

Bitcoin miners remain resilient ahead of the forthcoming halving, which is slated to happen in just 36 days.   

Related
Bitcoin (BTC) Miners May Start Quitting, Expect Hash Rate to Drop: Crypto Manager

Satoshi's stroke of genius

As reported by U.Today, the hashrate dropped by a staggering 44 percent from its 2020 high on March 26.   

This coincided with the second-largest negative adjustment in history (nearly 16 percent), which was meant to provide some relief for struggling miners stifled by Bitcoin's March price crash. 

Satoshi's stroke of genius prevents miners from underproducing coins when they shut down their unprofitable operations.   

Related
Bitcoin Mining Breaks Even at $8,000, Why Rising Hash Rate is a Positive Indicator of Price

The Bitcoin network remains strong  

According to Capriole's Charles Edwards, the hashrate stability proves that markets are refusing to throw in the towel. 

While the BTC price remains flat at current levels, the coin's hashrate is actually up nine percent. 

However, with miner rewards being cut 50 percent in just two weeks, the outlook for miners is less rosy

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.

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