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07:11 27.11.2019
2019-11-27
Svetlana Tereshenok (Neironix)
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Bitcoin Network Hashrate Decreased

The number of miners in the Bitcoin network has declined over the past month, as evidenced by the information on the chart. Read more about the reasons of hashrate changes in our article.

Bitcoin miners mine cryptocurrencies creating blocks in the blockchain. Since the beginning of 2019, their activity has steadily increased. A year ago, the minimum hash was 33.64 hash/s, increasing by 3-5 points every month, and doubled by July reaching 72.54 hash/s.

In the second half of 2019, the monthly increase was 5-8 hash/s until the second half of October. The highest activity among Bitcoin miners was observed on October 23. On that day, the hashrate was 100.6 hash/s.

The situation has changed at the beginning of November. The activity of miners began to decline, despite the positive news background. On November 13, the hashrate returned to the August level. This happened amid the Bitcoin rate drop and a mining income decrease.

Today, the cost of mining one BTC is $4,500. Working on old equipment became unprofitable, and many mining farms simply turned it off, reducing the number of working miners on the network.

This led to a 15 percent reduction in computational complexity and became the second-largest drop after an 18 percent drop on November 1, 2011. Fortunately the situation did not affect the cryptocurrency cloud mining.

Despite this, falling profits and the upcoming halving have forced mining companies to look for other ways to increase profitability, and they are doing very well.

We already wrote that Canaan placed its shares on the NASDAQ American stock exchange and raised $90 million during the IPO since November 20. The company OneConnect plans to carry an IPO too. It wants to raise $100 million.

Neironix analytic agency — the latest cryptocurrency news!

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Comments
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Maybe this is due to the fact that many miners are reconfiguring before complicating production in May 2020, after halving bitcoin?
Well, listen, the introduction of new mining methods requires strength, money, and readiness for changes. It's not surprising at all that people who simply turn off their systems don't get the proper result. This is all about laziness. Because of this, both the level of popularity and the frequency of use are reduced
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