fall

Bitcoin Hashrate Drops to November Levels

News
Reading Time: < 1 minute

The hashrate of Bitcoin, which is the total combined computational power used to mine and process transactions on the network of the cryptocurrency, has slid to an 8-month low, data from Bitinfochart shows.

According to the analysis resource, the hashrate of the market’s largest cryptocurrency has dropped to November 2020 levels, probably as a result of the closure of mining pools in the Chinese province of Sichuan following an order recently announced by the authorities.

Now, the hashrate of BTC stands at 91.2 EH/s, which is 46% less than 171.4 EH/s from six weeks ago. We should take into account that the lower the hashrate of a crypto’s network is, the more vulnerable it is to 51% attacks.

The last time the hashrate of the network of the cryptocurrency developed by Satoshi Nakamoto was at similar levels was in November 3, 2020, when it stood at 90 EH/s.

Last week we reported that the authorities of Sichuan has ordered energy plants to cut their supply to local mining pools.

If you like our content and want to support us, please follow us on X, Facebook and Instagram and don’t miss the latest news!