From January to April 2022, the hashrate of the Bitcoin blockchain grew by only 10%. For example, over the same period in 2021, hash rates jumped by more than 30%. Along with the slowdown in the hashrate, the difficulty of mining decreased by 1.2%, blockchain correspondent Colin Wu noted on his Twitter.
On April 14, Bitcoin mining difficulty dropped by 1.26% to 28.23T, after rising 4.13% last time. The current hashrate of the entire network is 202 EH/s.
— Wu Blockchain (@WuBlockchain) April 15, 2022
As the editors already wrote, the hashrate is an indicator of the resources involved in mining. The hashrate allows you to assess the degree of reliability and security of the blockchain network. The more devices that connect to a network, the higher its total processing power, i.e. hashrate, and the more resistant it is to ” 51% attacks ” and other malicious activities.
If the hashrate grows, then new miners come to the network. A drop in hashrate could mean that miners are switching their power to other networks. The slowdown in hashrate growth in the current situation may indicate that the miners have completed their move from China and Kazakhstan, where the authorities had earlier begun to tighten business requirements.
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Will the slowdown in the hashrate affect the price of bitcoin? It is unlikely, but often the price of bitcoin still correlates with the hashrate. Read more about what can cause the price and hashrate to correlate in the author’s column.
Recall that earlier Fidelity analyst came to the conclusion that bitcoin is the most decentralized and secure monetary network compared to all other cryptocurrencies. According to experts, altcoins are trying to improve bitcoin as a monetary commodity by sacrificing properties that give the cryptocurrency an advantage. At the same time, his usual fork is also doomed to failure. This is because there will be no incentive for miners to switch from the largest monetary network to an identical but smaller one.
