Big drop in hashrate

[pereira4]

I just saw a big drop in hashrate, check this chart:



It's clearly visible from the all time chart, pretty big cut right a couple of hours ago. Upon closer inspection:



From 98EH/s to 63EH/s, we are looking at probably an entire farm being shut down. It's either authorities, an accident, or resetting all systems at once. Hopefully one of our chinese friends can tell us something and report back, because who else is dealing with this hashrate? I know McAffee had something going on but I doubt it's that relevant.

[DaveF]

Looking at many other charts, I am not seeing it.
Still at about the proper 6 blocks per hour.

https://blockchair.com/bitcoin/ has it at 82.77 Eh/s
https://explorer.viabtc.com/btc has it at 82.84 EH/s
https://btc.com/ has it at 83.11 EH/s

You will always have variance and occasionally big spikes, but so long as over a few hours or a day you are at 6 blocks an hour then hashrate is about constant.

-Dave

[avikz]

Looking at many other charts, I am not seeing it.
Still at about the proper 6 blocks per hour.

https://blockchair.com/bitcoin/ has it at 82.77 Eh/s
https://explorer.viabtc.com/btc has it at 82.84 EH/s
https://btc.com/ has it at 83.11 EH/s

You will always have variance and occasionally big spikes, but so long as over a few hours or a day you are at 6 blocks an hour then hashrate is about constant.

-Dave

You may want to try the below link,

https://www.blockchain.com/charts/hash-rate?timespan=60days

The hash rate drop is pretty visible! It was standing at 98,120,057 TH/s on September 22nd at 5:30 AM, which then dropped to 67,383,654 TH/s within just 24 hours! For the same period, the median transaction confirmation time has increased to 13 minutes which is highest as compared to the last two month's statistics! I wouldn't wonder if it has direct relation with the market price! 

[DaveF]

You may want to try the below link,

https://www.blockchain.com/charts/hash-rate?timespan=60days

The hash rate drop is pretty visible! It was standing at 98,120,057 TH/s on September 22nd at 5:30 AM, which then dropped to 67,383,654 TH/s within just 24 hours! For the same period, the median transaction confirmation time has increased to 13 minutes which is highest as compared to the last two month's statistics! I wouldn't wonder if it has direct relation with the market price! 

Every place else has the rate still above 80

https://bitinfocharts.com/comparison/bitcoin-hashrate.html
https://data.bitcoinity.org/bitcoin/hashrate/3d?c=m&g=15&t=a

Yes, there was a brief drop when no blocks were found for a while. If you don't display your data properly it's going to look like that.

If no blocks are found for an hour or 2 does that mean that everyone turned off their miners.

It's variance it happens.

Over the last 24 hours average time per block is 621 seconds + / - a bit

-Dave

[Carlton Banks]

FUD

let the records state: you fell for FUD



all these websites will soon be reporting "oops, we all accidentally, spookily made the precise same mistake, how could that happen "

make of it what you will

[DaveF]

It's actually called bad programming logic.
When you have over an hour between blocks (596266 to 596267) and then over 30 minutes to the next block (596267 to 596268) it throws off calculations that are using a too small number of blocks to calculate the hashrate.

Crappy web programmers strike again.

144 blocks (1 day) is probably the bare minimum you can use to determine hashrate and that is cutting it closer then it should be.

The full 2016 blocks (2 weeks) between difficulty changes is the only real metric that matters.

-Dave

[Carlton Banks]

The full 2016 blocks (2 weeks) between difficulty changes is the only real metric that matters.

exactly, the current estimate of the next difficulty change is:

• 48 hours
• 6% increase in difficulty

and there were exactly 144 blocks yesterday during the supposed 40% hashrate drop


The people who panic sold will be feeling really, really angry/stupid once this is over. They only have themselves to blame

[Philipma1957cellphone]

Price dropping like a mofo 8500

[eaLiTy]

Price dropping like a mofo 8500

The price of all the coins in the market are dropping and i have seen many articles claiming that it is because of litecoin flash crash and then the hash rate drop, if these are FUD and if the market is going down simply because of that, then it will recover back in no time, if not i am happy to hold it for some more time until the market recovers and these drops must be considered as an opportunity for everyone to take their positions rather than panicking.

[hatshepsut93]

Price dropping like a mofo 8500

The price of all the coins in the market are dropping and i have seen many articles claiming that it is because of litecoin flash crash and then the hash rate drop, if these are FUD and if the market is going down simply because of that, then it will recover back in no time, if not i am happy to hold it for some more time until the market recovers and these drops must be considered as an opportunity for everyone to take their positions rather than panicking.

No way Litecoin could influence the market and Bitcoin, Bitcoin is the only coin that influences the market, aside maybe from Ethereum which can influence its tokens. This whole thing looks like a manipulation - hashpower swings + Bakkt + price drop in short period of time. It's very likely that we'll get back to previous levels soon.

[seoincorporation]

....

No way Litecoin could influence the market and Bitcoin, Bitcoin is the only coin that influences the market, aside maybe from Ethereum which can influence its tokens. This whole thing looks like a manipulation - hashpower swings + Bakkt + price drop in short period of time. It's very likely that we'll get back to previous levels soon.

I agree with hatshepsut93, this all looks like manipulation, but to make a move like this the traders need a lot of fuel, so, the manipulation should end short and it will get back to normal.

I would like to understand if there is some relation in the hash power drop and the price drop, it couldn't be just coincidence but i don't see the true relation at all.

[Harlot]

It's really sad to think that a few days ago someone has posted that the hash rate is at its all time high and timed with the news about how BAKKT can be good for the industry I was really all up for it and then today I just saw one of the worst days ever since the bear market we have seen that started late December 2017. Of course that big dropped on the hash rate had triggered the price drop and we all know it decreased the market confidence of the people trading. I don't know the reason why it dropped that fast but I just hope we recover from this season before its too late and it triggers another big reversal in the market.

[Velkro]

FUD

let the records state: you fell for FUD

Agree because block discovery didnt increase heavily which would be the case if 30% mining power disapeared over night.
Question is if one entity controls around 30% minig power. That could be a little concerning.
We will see soon, all will clarify.

[DaveF]

And the last 10 blocks that came in 596421 to 596430 were done in 36 minutes give or take a few seconds so that would put the hashrate at a little over 99 EH/s if my back of the napkin numbers are correct based on the current difficulty. So there you go.

If my numbers are way off feel free to correct me but that is what I am getting based on a difficulty of 11.9 T

-Dave

[pereira4]

FUD

let the records state: you fell for FUD



all these websites will soon be reporting "oops, we all accidentally, spookily made the precise same mistake, how could that happen "

make of it what you will

What's important is knowing what caused this. I don't believe in coincidences. Looks like the schelude is right on time for BAKKT launch. Picking up cheap coins to meet contract needs? remember that BAKKT needs to buy Bitcoin as opposed to what was out there thus far on this field. Those people could have contacts with miners. Only a big miner could have done this. I don't believe this is a mistake by a website and the rest are following. Or it just could be good ol "short the news" op.

Maybe it could be related to this:

https://www.globenewswire.com/news-release/2019/09/19/1918342/0/en/Squire-Mining-Operations-Undergo-Temporary-Power-Outage.html

VANCOUVER, British Columbia, Sept. 19, 2019 (GLOBE NEWSWIRE) -- Squire Mining Ltd. (CSE:SQR | FWB:9SQ | OTCQB:SQRMF) (the “Company”) announced that it has been informed by its hosting provider in Kazakhstan that the facilities housing the Company’s cloud computing fleet will undergo temporary power black-outs.The black-outs are the result of the hosting provider’s power supplier undertaking a necessary upgrade in the substation transformer supplying power to the facility. The upgrades are being carried out to address reliability issues prior to the upcoming winter season.  The Company’s hosting provider has advised that the outage is expected to last between 10 and 14 days.  During this time, some of the Company’s cloud computing fleet located in Kazakhstan will be non-operational and non-profitable for periods but will also accrue proportionally lower electricity costs during such times.

The Company is working with its hosting provider to minimize impact to its operations.

But then again, how big would Kazakhstan be on the mining game to make such a dip?

[masulum]

I read articles from CCN, if dropping bitcoin price have correlation with bitcoin hashrates. Hashrate drop yesterday, and today bitcoin dump for 15%. May be it's true about that correlation.

[DooMAD]

Would it even be Bitcoin if people weren't overreacting to something fairly innocuous, though?   

I get that the media need their attention-grabbing headlines, but are we still not past taking everything they report at face value yet?

[camaund]

Looks like hashrate is back up. I think the real reason is simply a lot of people wanted to sell/short, price increased quite a lot from 3.2k. Also CME (Paper bitcoin) had a lot of shorts with high open interest, that also fuels sales

[BitHodler]

I get that the media need their attention-grabbing headlines, but are we still not past taking everything they report at face value yet?

Apparently, not. News outlets have been getting worse with every month that went by, but people keep donating traffic to them. They hold the golden formula to keep triggering overly sensitive perma bulls.

And then we have social media influencers who keep reporting about these articles, which only adds fuel to the fire. You can't escape from these attention grabbing articles anymore. I guess we just have to accept it and move on.

[Carlton Banks]

Looks like hashrate is back up.

there is no evidence the hashrate ever fell

it cannot go "back up" if it did not even fall