Bitcoin hashrate fell by 20%

[franky1]

Yes I also saw a discount in Bitcoin today, the giant crypto (Bitcoin)is now cheaper at $ 5300, a discount of around 20% would certainly be a great opportunity for Bitcoin to stock up

fixed that for you... its a better, healthier and less stressful mindset to have
(glass half full.. not half drunken)

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[stompix]

maybe worth instead of just hitting reply. hit the open excel button and do some math. it may surprise you when you add it all up yourself.

Instead of posting a wall of text that is basically the same regurgitated stuff with 0 real-life correlation you could simply open two graphs with the BTC and BCH hashrate and compare them
You are going to be amazed by what you see!!

Oh, I'm not telling you what it is since you're a fan of doing your own research.

in simple terms
old asic pools of 3.5mill asics take 50exahash to make a block in 10 minutes
new asic pools of 1.75mill asics take 50exahash to make a block in 8 minutes but displayed as 50exa (average of 10 minutes)

Please don't insult people's intelligence around here anymore just because you're a sore loser!

[mikeywith]

Interesting.



(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.)

This statement is 100% wrong. as the hashrate drops, difficulty drops along to maintain an average time of 10 mins per block. nothing will affect the fresh supply but the halving.

[blueteam09]

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

The market for Cryptocurrency is easy to evaporate, and only a small impact makes the market plummet. Maybe things will gradually recover in the coming days, or perhaps the market will continue to fall until the end of 2018.

[Zin-Zang]

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

The market for Cryptocurrency is easy to evaporate, and only a small impact makes the market plummet.
Maybe things will gradually recover in the coming days, or perhaps the market will continue to fall until the end of 2021.

FTFY  

[aad140386]

I would venture to suggest that all this is market manipulation. I'm not saying that the Chinese miners were not disconnected from the electricity, but I say that the manipulator used the negative news to push the market. If you look into this news in more detail, it becomes clear that nothing critical has happened, and after all the checks and additional agreements the miners will continue their work. But I doubt that cryptocurrency quotes will also actively play the fall after this news. All because the market perceives only negative in a given period of time.

[darkangel11]

If it really is falling it's to be expected. Miners were operating on the verge of profitability at 6k USD. Below that there's only losses and waiting for the market to adjust. We have 2015 repeating. BTW, did you see the news about Chinese teachers mining ETH for free at school? Some people are still mining in China, even if they can get caught and knowing  how law in China operates, probably flogged and sent to a labor camp for it.

[CoinClarity]

If it really is falling it's to be expected. Miners were operating on the verge of profitability at 6k USD. Below that there's only losses and waiting for the market to adjust.

The cost of mining varies tremendously around the world:

https://www.investopedia.com/news/how-much-does-it-cost-mine-bitcoin-around-world/

I don't understand why bitcoin _has_ to come back up in price if its not profitable for miners in parts of the world. Others who can mine cheaply will just step in to fill the void as competition removes itself.

[d5000]

Ohh so this is the reason why I lost a small fortune  ? This is good news maybe to other miners in some parts of the world. It should not be mainly monopolized by chinese entities. Should spread out for the true decentralization.

No, I don't think it has something to do with the price drop yesterday. I guess the selloff is more related to 1) chart signals which were suggesting a move (up or down) and 2) BCH folks selling Bitcoins to finance their own hashrate war, most likely with the "secondary goal" to trigger stop loss orders and try again to "steal" some value from BTC.

Ah, and the 20% are most likely the difference between the local maximum at 10-29 (58 Eh/s) and the minimum a couple of days ago (42 Eh/s).

This statement is 100% wrong. as the hashrate drops, difficulty drops along to maintain an average time of 10 mins per block. nothing will affect the fresh supply but the halving.

Yep ... I guess the supporters of the "mining cost as price floor" over-estimate the effect of 2-4 weeks of slighltly increased block intervals on the supply on the markets - or they have another strange reason (e.g. miners "backing" the price?) I was trying to know in my other thread. But so far everyone agrees with me that the "price floor" effect doesn't exist ... then where does the theory come from?

[Yara1]

I guest this has nothing to do with the bitcoin cash hord forks cause this current crises in the price of bitcoin and other cryptocurrencies is so diverstating and it was an unexpected event because we where expecting another bull run due to the time of the year. But we shall keep hoping for the market to recover.

[aliashraf]

There is one thing I really don't understand:

How do you guys posting in this thread, take everything into account other than the main reason behind this? It is about bch civil war, what else it could be? They are recruiting hashpower, isn't that simple?

By the way, Faketoshi is loosing the war and it is good news, the crazy con man should have been kicked out much sooner.

[kucritt]

yeah what happen with this situation? why bitcoin value is dropping more than 15%? is any exhcanger has hacked? or something happen bitcoin?

[d5000]

How do you guys posting in this thread, take everything into account other than the main reason behind this? It is about bch civil war, what else it could be? They are recruiting hashpower, isn't that simple?

That explains today's losses, which are around 6%, if I remember right. But it doesn't explain the 20-30% decrease (depending on if you use averages or not) since the end of October. I guess this is more than a regular deviation.

The three reasons mentioned in this thread (BCH, Chinese regulation tightening and reduced mining profit), in my opinion, all are contributing to the hashrate/difficulty loss.

[sinkfish]

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

not at all, its take more than that for bitcoin to collapse.

[franky1]

There is one thing I really don't understand:

How do you guys posting in this thread, take everything into account other than the main reason behind this? It is about bch civil war, what else it could be? They are recruiting hashpower, isn't that simple?

By the way, Faketoshi is loosing the war and it is good news, the crazy con man should have been kicked out much sooner.

they are not recuiting hashpower
the same time btc dropped 5exa.. bch only gained 1exa.(no correlation)
the extra 1exa of bch can be caused by them turning on asic boost for a 20% boost
the extra 1 exa could be them swapping 285.7k S9's for 142.85k T15's and using boost

but if you look at the stats and math it all out
its much easier to see
btc swapping rigs from old to new. = half as many rigs needed and still able to mine effectively with less miners, with or without boost can change how many rigs are needed to still win blocks with less rigs and although it appears as a 5exa drop. is not actually a 5exa drop.

because stats sites measure hash used per block divided by fixed 600 second measure...
not measure hash used per block divided by time of block (thus stats sites give wrong readings)

[tramadols]

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

Can China still mine Bitcoin?
Didn't China forbid everything illegal regarding bitcoin, mining and crypto?
I think the cause of the decline is another factor

[virtfund]

Nobody expected such a drop. It's very easy talking after this happened. Now "experts" are trying to find a reason or excuse what happened. But none of them talk about the truth. It is very difficult to recover in the short term. We may not a price around 6 k.

[abojamal]

Awareness has spread to the subject of mining energy and represented in
New projects based on alternative energy in mining and other specifically in Europe
I believe that this represents support for encryption and mining in particular
Of these projects
Great Project WPP ENERJY
As well as SECYRIX.

[presduterte]

There is one thing I really don't understand:

How do you guys posting in this thread, take everything into account other than the main reason behind this? It is about bch civil war, what else it could be? They are recruiting hashpower, isn't that simple?

By the way, Faketoshi is loosing the war and it is good news, the crazy con man should have been kicked out much sooner.

they are not recuiting hashpower
the same time btc dropped 5exa.. bch only gained 1exa.(no correlation)
the extra 1exa of bch can be caused by them turning on asic boost for a 20% boost
the extra 1 exa could be them swapping 285.7k S9's for 142.85k T15's and using boost

but if you look at the stats and math it all out
its much easier to see
btc swapping rigs from old to new. = half as many rigs needed and still able to mine effectively with less miners, with or without boost can change how many rigs are needed to still win blocks with less rigs and although it appears as a 5exa drop. is not actually a 5exa drop.

because stats sites measure hash used per block divided by fixed 600 second measure...
not measure hash used per block divided by time of block (thus stats sites give wrong readings)

They are absolutely recruiting hash power. From CSW's twitter:

To all BTC miners...

If you switch to mine BCH, we may need to fund this with BTC, if we do, we sell for USD and, well... we think BTC market has no room... it tanks.

Think about it. We will sell A Lot!

Consider that....
And, have a nice day

https://twitter.com/ProfFaustus/status/1062751765601361923

[bolbau]

again and again, every year, the Chinese government acts on bitcoin, this is not a new problem for the crypto market. the Chinese government is very unstable in making decisions, or indeed they only focus policies that are beneficial for their groups. when viewed in plain view, in fact the crypto and bitcoin markets are able to survive stably if there are no external interventions coming from the government.