In a single week, the Hash rate of bitcoin decreased by 40% and also gained back to hit a new all-time high. Bitcoin, which is designated at #1 in rank inside Crypto world, is now trading at $8076.50 USD, It has a market cap of $145,056,681,108 USD and has a net circulating supply of 17,960,350 BTC.
Coin Dance Reported that Bitcoin hash rate dropped from 104 quintillion hashes per second (h/s) to 57 quintillion hashes per second on 23rd of September. This value turned around the next day, 24th of September hitting 114 quintillion hashes per second, just some digits away from the highest of 121 quintillions observed previously.
Reviewers were daunted when Bitcoin’s hash rate sank down, which put thought about the future of Bitcoin Mining as told by CoinTelegraph. This activity shooked its onlookers to the core. Additionally the next day the price of Bitcoin against USD plummeted by 15%, this was concluded as the price of BTC was followed because of the decrease in the hash rate.
Facts on Bitcoin & Hash rate.
The segments reasoned for the decrease in the bitcoin hashrate are slow block times, lesser density in the network, to name a few. Many sources concluded from the online hash rate charts about fall of hash rates, but it is to be understood that these charts are the only estimation to provide a certain Idea.
In the following days Hash rate directed to the north and is still climbing it’s all-time high and maybe past it too, The rise in the hash rate is still in strife with the price of BTC against USD which dropped by 21% from the past week.