The hashrate of the Bitcoin network has fallen by 50% from the high it reached last month, The Block has reported.
In term of numbers, the computing power necessary to confirm transactions on the blockchain of the market’s largest cryptocurrency by capitalization has been cut by half, from 180 EH/s on May 14, to the current 90 EH/s.
As a result of this decline, the hashrate of the network is at the same levels it recorded on May last year.
Why is the BTC network’s hashrate experiencing such a sharp drop? Basically, this is the result of the shutdown of a large number of Bitcoin miners in China after the authorities of the country ordered power plants to cut the power supply to mining companies.
If this was not enough, China’s battle against the crypto industry has also made the Bitcoin price fall from its recent ATH at $63,500 from April to the current $35,300.