The data in the chain show that Hashrate Bitcoin has observed a recently acute fall. This is what this could mean for the price of the asset.
Bitcoin Mining Hashrate has collapsed since its recent stop
The “hashrate” refers to a bitcoin metric that monitor the total amount of computer power that miners have currently connected to the block chain. The indicator value is traditionally measured in terms of Hashes per second (h/s), but today, the network has grown so much that it must be measured in the much more massive exahashes per second (eh/s).
When the value of this indicator increases, it means that the new miners join the network and/or the existing ones are adding more machines to their farms. Such a trend implies that BTC mining is looking for a profitable company for these chain validators.
On the other hand, the metric that records a decrease suggests that some of the miners are taking their platforms from the network, probably because they can no longer reach the equilibrium point to extract the asset.
Now, here is a chart of Blockchain.com That shows the trend in the average of 7 days of Bitcoin’s hashrate during the past year:
Looks like the value of the metric has seen a steep drop in recent days | Source: Blockchain.com
From the graph, it is visible that the average of 7 days of Hashcoin Hashcoin was sitting at a maximum of approximately 835.9 eh/s only a few days ago, but since then, the metric has witnessed a downward trend, which has taken its Value at only 771.8 eh/s.
After this decrease of approximately 7.6%, the indicator has deleted all the profits that he had achieved this month and has returned to the same minimums as those that had ended in January.
The hashrate generally does not directly affect the price of BTC, but it does provide a reflection of the feeling that is present among the miners. This last reversal in the value of the indicator would suggest that the miners are no longer as optimistic about the result of the asset as they were at the beginning of the month, when they brought their computer power to a new historical maximum.
Interestingly, the decrease in the indicator has come despite the fact that the difficulty, an integrated metric in the bitcoin network that controls how hard miners would find to extract a block, has seen a negative change in the last adjustment.
Below is a graph of Coinwarz That shows all the changes that BTC’s difficulty has passed during the last six months.
The value of the indicator appears to have gone down during the weekend | Source: CoinWarz
In general, a reduction in difficulty meets the expansion of miners, but it seems that the group has been doing the opposite. Now it remains to be seen if the bearish trend in the hashrate is here to stay, or if it would be reversed soon, which implies a change to an upward feeling among the validators of the chain.
BTC price
At the time of writing, Bitcoin is floating around $ 94,900, 1% less in the last seven days.
The price of the coin has observed a small drop in the past day | Source: BTCUSDT on TradingView
Outstanding image of Dall-e, Coinwarz.com, Blockchain.com, TrainingView.com graphics
