Bitcoin’s Hashrate Has Plummeted Following Block Reward Halving

Michael LaVere
  • Bitcoin's hashrate has fallen nearly 20 percent following the block reward halving.
  • Miner revenues per hash have dropped close to 40 percent. 

Bitcoin’s hashrate has plummeted following Monday’s block reward halving, indicating the overall network strength. 

Bitcoin’s hashrate has fallen nearly 20% since May 11’s halving, according to data from CryptoCompare. Hashrate serves as an aggregate measure for the computing resources being devoted by miners towards maintaining Bitcoin’s network. 

Some analysts claim the pullback in hashrate was expected following the halving, in addition to a reduction in miner revenue. 

Ethan Vera of Luxor Mining Pool told Decrypt, 

Since the halving it appears that around 20% of network hashrate has turned off. Going down from 120 [exahashes] to 100EH. Hashprice [is at] 8.1 cents [per terahash], dropping from 13.5 cents pre halving, representing a 40% drop in miner revenue.

Bitcoin supporter Matt Odell explained in a tweet on May 13 that hashrate is difficult to measure for shorter time frames. According to Odell, investors will have to wait a few weeks for an accurate understanding of the halving’s network impact. 

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