Bitcoin hashrate fell by 20%

[dulinivanrus]

Chinese miners disconnected from electricity!
Bitcoin  5570 $
How do you think our giant will recover from such a situation ?

[1713594153]

1713594153

[messito]

I hope that yes because it is very much like the collapse of Bitcoin

[d5000]

Interesting.

A couple of links I found on that topic:
https://www.newsbtc.com/2018/11/13/chinese-bitcoin-mining-centers-fear-electricity-cuts-as-compliance-issues-loom/
https://tech2.org/russia/the-chinese-miners-turned-off-the-electricity-bitcoin-hashreit-decreased/

In theory, this could be a very positive development for Bitcoin. A bit of hashrate diversification would reduce centralization risks and mitigate the chance of an 51% attack or selfish mining.

Maybe, if difficulty lowers a little bit, it's finally time for solar/wind powered mining?

(Some people say that a hashrate drop could even help to find a floor to the price, because as block times become longer there are less rewards paid per day, and thus less supply on the markets. But I have some doubts about that.)

[Ranly123]

Chinese miners disconnected from electricity!
Bitcoin  5570 $
How do you think our giant will recover from such a situation ?

Bitcoin falling to $5500 is still not new to Bitcoin users. Thus it is still a large amount of price it has eventhough it drops for about 20% in just a day. I don't know how it would recover from this drop but I am certain that there is a way to be back to higher price. It's just a matter of time to realize it.

[KingScorpio]

Chinese miners disconnected from electricity!
Bitcoin  5570 $
How do you think our giant will recover from such a situation ?

its going to continue to lose support no one except bitcoin miners and bitcoin holders have an interest supporting bitcoin.

this forum lost last month 24% users coinmarket cap loses every month 10 million users. market decentralises away from bitcoin.

its still a surprise since the us dollar is losing rappidly support and value as well.

[remauto1187ma]

Interesting.

A couple of links I found on that topic:
https://www.newsbtc.com/2018/11/13/chinese-bitcoin-mining-centers-fear-electricity-cuts-as-compliance-issues-loom/
https://tech2.org/russia/the-chinese-miners-turned-off-the-electricity-bitcoin-hashreit-decreased/

In theory, this could be a very positive development for Bitcoin. A bit of hashrate diversification would reduce centralization risks and mitigate the chance of an 51% attack or selfish mining.

Maybe, if difficulty lowers a little bit, it's finally time for solar/wind powered mining?

(Some people say that a hashrate drop could even help to find a floor to the price, because as block times become longer there are less rewards paid per day, and thus less supply on the markets. But I have some doubts about that.)

Do you have any idea the cost of a solar and wind turbine system is just to support say 10K Watts of power supplies is?  Do you know how much land/roof area you need to support 10kw worth of panels? False economy!

[d5000]

Do you have any idea the cost of a solar and wind turbine system is just to support say 10K Watts of power supplies is?  Do you know how much land/roof area you need to support 10kw worth of panels? False economy!

At least I know some approximate numbers

In Germany, for example, there are a few solar parks generating electricity for about 4 cents per kilowatt/hour (most are generating at 6-8 cent, however). We're talking about a country with a relatively cloudy climate. In Mexico and Chile, solar power plants are being built with the operators guaranteeing prices of ~2 cent per kilowatt-hour. They're expected to get connected to the grid in the early 2020s (I think it was 2021).

So no, massive solar mining is not as far away as you may think.

[jseverson]

I didn't think a significant hashrate drop could affect the market this much. I always thought it'd be a non-issue because miners have already begun working on their operations distribution. Either way, I very much doubt this will have a lasting effect -- it's very much a short-term problem.

And before anti-China sentiments come in, the crackdown was apparently targeted towards miners that were using state-sponsored electricity. This is a logical move.

[digitalcryptocoin]

Chinese miners disconnected from electricity!
Bitcoin  5570 $
How do you think our giant will recover from such a situation ?

its going to continue to lose support no one except bitcoin miners and bitcoin holders have an interest supporting bitcoin.

this forum lost last month 24% users coinmarket cap loses every month 10 million users. market decentralises away from bitcoin.

its still a surprise since the us dollar is losing rappidly support and value as well.

According to current price of BTC, user such as newbies as well as past one who are involved in mining could get major impact on their ROI. And as per my thinking major impact of BTC price fail will disturb miners first then traders, because miner sell their BTC on exchanger by trading against fiat. But cut off of BTC mining maintenance could take miner towards loss not profit. So miner will shift towards other PoW coins.

Many user are in trouble by investing BTC.

[Colan Zolo]

Bitcoin goes down and this is a good opportunity to have but has all the altcoins. At present all coins have a low value for and affect all altcoins.
So this bitcoin price affects all crypto prices.

[sinkfish]

bitcoin price taken a hit from China pull plug. seems the drought is longer than ever.

[NeuroticFish]

https://tech2.org/russia/the-chinese-miners-turned-off-the-electricity-bitcoin-hashreit-decreased/

The Chinese government conducts a very strict fiscal audit of the mining companies

This gets me to the idea that maybe some of that dump was made by the mining companies in order to get out fiat and pay the overdue taxes and penalties...
And since they had to sell anyway, a bit of dump + re-buy can make part of their loses get supported by the traders.

[ridertiger]

I am sick and tired of hearing about China, I think bitcoin will do way better when we get rid of it completely.

Chinese miners disconnected from electricity!
Bitcoin  5570 $
How do you think our giant will recover from such a situation ?

[Pursuer]

Bitcoin hashrate fell by 20%

are you sure?
checking the hashrate chart I do not see any new change that indicates a drop worthy of discussion here. there still is the same fluctuations of hashrate which is near the same medium hashrate around 50 EHS. these ups and downs don't mean anything or indicate miner shutting down ... you can see the chart below:
https://bitinfocharts.com/comparison/bitcoin-hashrate.html#3m

[null-zero-sum]

It seems logical that hashrate will fall if price of bitcoin is as well. Profitability and price goes hand in hand.
 

[satosibtc1000]

I think it's a temporary phenomenon. Does anyone know why the power supply to China's miners was cut off ?

[btyco]

With less bitcoin being mined you would think the price of bitcoin would rise due to a decrease in supply. Perhaps it will take a few days or weeks until we see the effects of this

[Pursuer]

It seems logical that hashrate will fall if price of bitcoin is as well. Profitability and price goes hand in hand.

first there has to be at least a couple of days from the actual drop before the miners decide to change their mind and shut down their miners so that hashrate drops. and price drop is not even 24 hours yet. it is about 12 hours if I am not mistaken that price dropped!

not to mention that if you look at the hashrate chart you can clearly see that there actually was a rise in the past 24 hours!!!

[ivannalog814]

I think that falling prices and a ban on the production connected among themselves but I also believe that a good fall was to occur before the inflammation of growth.

[franky1]

pools moving to next gen asics.
which are more efficient so dont need as many.
costs to run them are cheaper so able to sell coin rewards for less.

also
some traders were VC and had a 12 month contract so buying in november 2017 meant cant sell until november 2018

both contributed to this event.
its that simple