Dramatic drop in bitcoin hash rate: Some miners’ new target is BCH and BSV

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After the completion of the third block prize halving in Bitcoin, it may take a few weeks to comment on the network, but it seems that some miners have already switched to Bitcoin Cash and Bitcoin SV.

After the completion of the third block prize halving in Bitcoin, the hash rate continues to drop dramatically. Data from blockchain.com shows that the hash rate reached 136 exsahash per second on the day of halving, and 95 exsahash when the news went live. This means a 30 percent retreat at the hash rate.

On the other hand, these values ​​are raw values. For healthier data, it is necessary to look at 7-day averages. The net status of the hash rate will become more evident in the coming days in this respect.

So where are the miners going out of the Bitcoin network currently? On the halving day on May 11, the hash rate of Bitcoin Cash more than doubled. This figure is now almost twice that of the day before halving, although it fell later.

Another coin that had a prize half this year was BSV. After its ‘halving’ in April, BSV hash rates dropped by 16 percent in 24 hours. This week, the rates doubled, but in the last 24 hours, there was a 7 percent reversal.

After the halving of these two coins, many analysts commented that miners would switch from BCH and BSV to Bitcoin to cover their losses. After the week-end BTC halving, miners seem to return to BCH and BSV.

“It is not easy to calculate the hash rate exactly”
However, Bitcoin entrepreneur Matt Odell said that searching data in mining pools is an option, but it is not easy to calculate the hash rate in a short time since the numbers are self-reported numbers. Stating that the measurements were obtained using the average block times and the current mining difficulty, Odell said, “In the next weeks, we will have a better idea of ​​how much hash rates dropped after ‘halving”.

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The BTC mining challenge is a measure of how hard the struggle to win a reward, and in the next adjustment, that is, it is expected to increase by 1 percent in 5 days to reach 16.36 trillion.

Daniel Frumkin, the analyst of Braiins, the company behind the Slush Pool and pool mining protocol Stratum V2, expects the mining challenge to drop by 2 percent.

According to Qingfei Li, Marketing Manager of F2Pool, this will help miners who have difficulty with BTC’s 3rd prize split. According to Li, the mining challenge will continue to drop during the last two adjustments until mid-June.

Bitcoin is changing hands at $ 9650 during the broadcast.

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