Bitcoin’s Hashrate Has Plummeted Following Block Reward Halving

Bitcoin’s Hashrate Has Plummeted Following Block Reward Halving

  • 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. 

#Bitcoin’s #hashrate saw a 20% drop post-#halving. The mining industry anticipated the decline and expects it to be temporary. When will it start climbing back? via @decryptmedia— CryptoCompare (@CryptoCompare) May 14, 2020

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. 

Hash rate measurements are derived using average block times and the current difficulty. As a result it is hard to calculate accurately for shorter time frames. We will have a better idea of how much hash rate dropped off the network post halving over the next few weeks.— Matt Odell (@matt_odell) May 13, 2020

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