Bitcoin hash rate drops to 8-month low due to shutdown of Chinese miners

According to Bitinfocharts, the bitcoin network hash rate dropped to 91.2 EH / s, the lowest level since November 2020.

The current figure is 46% below the averagein May and almost half the historical maximum of 171.4 EC / s reached 6 weeks ago. In addition to computing power, mining profitability has also dropped. At the moment, it hovers around $ 0.226 per 1 TX / s, which is less than the May level of $ 0.449 per 1 TX / s.

While a drop in hashrate means less competition among manners, it also meansdeterioration of its security level, andsimplification of a potential attack 51%.

Reducing the computing power of the bitcoin networkdue to the continuing pressure from the Chinese authorities on the companies mining cryptocurrency. The current downturn is caused by the Sichuan government's order on Friday to immediately cut off electricity supplies to them. As a result, the hashrate of the largest Chinese mining pools dropped from 10% to 22% over the weekend.

Previously, the authorities of Qinghai, Inner Mongolia andYunnan provinces have also begun to fight cryptocurrency mining in their territories. This leads miners to begin moving their equipment to other regions, such as Iran or Texas.

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