According to Blockchain.com, the bitcoin hash rate approached 97.9 EH / s, having lost 30% since the beginning of the month.
Just a week ago, on March 5, the hashrate reached a record high – 157 EH/s.
Hash rate represents the computing power that miners must use to confirm transactions on the blockchain.
However, if mining becomes unprofitable, miners turn off equipment that requires a lot of electricity.
The fall of global stock markets has hit the crypto industry. Quotes of cryptocurrency companies rapidly crawled down, and prices of crypto assets break through lower levels.
Yesterday, BTC fell 25%, breaking the $ 6,000 mark for the first time since May 2019.
This panic forces many miners to hold coins in anticipation of a better price.
Jacob Canfield, co-founder of SignalProfits.com and a cryptanalyst, I am sure that the lower price of MTC for the profitability of mining is $ 4000. In his opinion, Venezuela, Trinidad, Tobago, Uzbekistan, Ukraine and Kuwait with their cheap electricity can provide miners with favorable conditions for cryptocurrency mining.