On the evening of May 16, the hashrate of the Bitcoin network unexpectedly fell – most of the popular pools showed a decrease of 5-20%. Against this background, the BTC rate went down and now bitcoin is trading at $ 43,900.
At the moment, the network hashrate of the first cryptocurrency is 158 Eh / s, although a couple of days ago it was close to 180 Eh / s. The largest drop was shown by the Huobi Pool, the hash rate of which decreased by 23%. Also, noticeable losses were recorded at AntPool (-16%), Binance Pool (-14%) and F2Pool (-11%).
By message Chinese journalist Colin Wu, this is a temporary problem:
“The main reason is the hot weather in Sichuan province and the high energy consumption of industrial facilities. Hydroelectric power plants generate 30% less energy than in rainy years, so on May 16 at 2 pm the power company cut off the electricity from the miners. ”
In addition, “whales” are putting pressure on the bitcoin rate – the amount of BTC on cryptocurrency exchanges has reached its highest level since March 22. This signals the readiness of large holders of the first cryptocurrency to sell their BTC holdings.
American entrepreneur Elon Musk, whose Tesla company recently refused to accept bitcoins as payment for its electric vehicles, also played a role in the market sentiment. He continues to criticize the first cryptocurrency and “promote” the DOGE coin.
Recall that in mid-April, miners were disconnected in the Chinese province of Xinjiang, as a result of which bitcoin lost in value for several more days. If this scenario repeats this time, then the “bears” may well push the BTC rate to $ 40,000.
Recently, another recalculation of the difficulty of Bitcoin mining took place, as a result of which the indicator reached a new record of 25 trillion units.
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