Bitcoin Network Hash Rate Drops 45% from 2020 High

Bitcoin Network Hash Rate Drops 45% from 2020 High

The Bitcoin hash rate has sharply declined almost 45 percent from the highest level reached this year, Cointelegraph website reported.

The hash rate dropped from 136.2 quintillion hashes per second on 1 March to 7.5.7 EH/s today, according to data from Blockchain.com.

Coin.dance, another cryptocurrency analytics platform, has announced a 2020 high of around 150 EH/s on 5 March, to decline by 29 percent to 105.6 EH/s today, 26 March.

The hash rate is a parameter reflecting the amount of calculations a certain network can perform per second.

A higher hash rate indicates fierce competition among miners to verify new blocks. In addition, it increases the amount of resources required to carry out a 51 percent attack, and thus makes the network more secure.

After a volatile month in which Bitcoin dropped as much as 60% to about $3,600 in mid-March, the network’s difficulty fell nearly 16% yesterday.

The difficulty is scheduled to change every 2016 blocks, or two weeks, to ensure a constant week verification period of ~10 minutes.

The BTC difficulty is expected to decrease by another 16 percent in 14 days, according to data from btc.com.

Cryptolydian earlier reported that the BTC harsh rate recorded an all-time high of 14.78 trillion on 15 January.

Bitcoin shows strength amid coronavirus crisis

The global economy has slowed, but despite the coronavirus crisis, some sectors have proven resilient. Bitcoin has been exceeding expectations after last Thursday’s bearish performance.

As we stay at homes, some industries have revived despite historic drops across the whole market.

Remote work rose remarkably; Zoom, for instance, has recorded a surge in new users as many take home their workplaces. During this whole ordeal, they were able to have no downtime.

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