Bitcoin Hashrate Records Enormous Plunge, Event Occurs For Third Time In History

As per the data provided by Blockchain.com, the hashrate of BTC plunged to seventy-five EH/s. Notably, this is its lowest level since September 2019. Now, the hashrate is down by around forty four percent as compared to its level just two weeks back.

It is to be noted that the overall hashrate touched an ATH of one hundred and thirty-six EH/s on 1st March. Miners were robust regardless of a noteworthy decay in the BTC value. Nonetheless, the flash-crash on March 12 was too much to stand for minor players who were forced to switch off their mining apparatus since they were not able to sustain their basic costs.

Meanwhile, large-scale BTC miners are improbable to be affected by this shakeout since they are in it for the long term. During the preceding retreat that took place in December 2018, Chinese miners were still able to derive profits by using additional energy from aluminum smelters that permitted them to decrease the production expenses to only twenty four hundred USD per coin.

As anticipated, the mining difficulty of BTC recorded an unparalleled sixteen percent plunge on 25th March, which marked its 2nd highest negative change in history. Only time will tell how Bitcoin’s price will react to the hashrate drop in the coming days.