Bitcoin Hashrate Drops By 16%
Main page News, Bitcoin, Mining

Bitcoin's hashrate, which on May 11 completed its third halving in its history, has fallen by 16%, apparently due to the fact that miners now get half the rewards after the reduction of the block reward.

According to The Block, the daily revenue of crypto miners has fallen by 44% after the halving. As a result, the $16.1M they earned before have been reduced to $9M.

This is happening because after the reduction of the reward given to miners per mined block from 12.5 to 6.25 BTCs, the activity is no longer profitable for a large number of miners who use obsolete devices, such as the Antminer S9. However, more modern ASICs such as the Antminer S17 and the Whatsminer M30S are still very profitable.

Bitcoin's hashrate has reportedly decreased from about 122 EH/s to 102 EH/s. Of the major mining pools, Poolin is reportedly the most affected after losing 30% of its hashrate, while seems to be the least affected after losing only about 10%.

The halving of the largest crypto by market cap occurs every 4 years. In the previous two halvings, the crypto's price has ended up rising in the long term due to the reduction in the amount of Bitcoins mined per day, which now has fallen from 1,800 to 900, so everyone expects the same thing to happen again this time. However, the number of Bitcoins in circulation is now higher than it was then, so it is not clear what will happen in the end.

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