Hash Power Of Bitcoin Network Jumps By 30% Over The Past 24 Hours
Hash Power Of Bitcoin Network Jumps By 30% Over The Past 24 Hours
November 10, 2020
Hash Power Of Bitcoin Network Jumps By 30% Over The Past 24 Hours
Hash Power Of Bitcoin Network Jumps By 30% Over The Past 24 Hours
November 10, 2020

The hash power of the Bitcoin (BTC) network has jumped by around 30% over the past 24 hours, which if sustained, suggests a major difficulty adjustment may soon be incoming.

It has been reported that Bitcoin’s hash rate 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.

However, the spike follows a sharp decline in hash power in late October, which many analysts attributed to the end of the rainy season in the Chinese mining hub of Sichuan. 

The report said that the province’s abundant and cheap hydroelectric power is estimated to attract around 80% of Chinese miners during the wet season.

In December, last year, CoinShares estimated that Sichuan accounted for 54% of global mining activity.

ALSO READ :  Telefónica, Deutsche Telekom, And Vodafone Finalizes Trial Blockchain Solution For The Settlement Of Roaming Discount Agreements

Jason Deane, the analyst at Quantum Economics, said that the sudden increase in Bitcoin hash power could be a sign that many Chinese miners have completed their migration from Sichuan and restored operations in other local mining hubs such as Xinjian and Inner Mongolia. 

It has been analyzed that the sudden spike in mining activity suggests the network is likely to produce another significant difficulty adjustment. 

Thus, a major upward adjustment would come at the chagrin of non-Chinese miners who have been enjoying boosted profits after October’s apparent migration from Sichuan resulted in a 16% negative difficulty adjustment, the second-largest downwards adjustment in Bitcoin’s history.

Source: Cointelegraph


Disclaimer

Crypto News Point a news platform of Digital Notice Media Labs is primarily a regular publication of information, commentary and articles focused extensively on fintech, blockchain technology, cryptocurrency, blockchain-based tokens, cryptocurrency market trends, and trading strategies. We do not provide individually tailored investment advice and does not take a subscriber’s or anyone’s circumstances into consideration when discussing investments, nor is Crypto News Point registered as an investment adviser or broker-dealer in any jurisdiction. Information contained herein is not an offer or solicitation to buy, hold, or sell any digital assets.

Affiliate Disclosure: To help support the work we do here at CNP, we often link to products and deals from around the web. Should you buy some of these, we may get a portion of the sale.

We in generally gather content from the major websites. In every article there is always a clear link and attribution to the source publication. If you have any issue with any of our published content taken from your site, kindly let us know so that we can take appropriate action. In any case, the content of the pages of this website is for your general information and use only. It is subject to change without notice.

You May Also like

Money on Chain Launches TEX With A Unique Twist

Money on Chain Launches TEX With A Unique Twist

Money on Chain (DeFi protocol), a lending platform and stablecoin issuer based on Bitcoin (BTC) sidechain RSK, has announced the launch of TEX, an automated token swap platform based on an order book, with a unique...

Ishita Bora

Ishita Bora is a Senior Content Creator at Digital Notice Media Labs with an experience of 1 year. She has completed her Master's Degree in Language and Linguistics in 2019 from Gauhati University, India. Her interest lies in blockchain technology and cryptocurrency space, as she loves writing about blockchain and other blockchain-related articles. Currently, she is working on blockchain-based news, reviews, featured articles, and guides.