Bitcoin Hash Rate Reaches New ATH Days After Mysterious 30 Percent Crash

Libra Coin News
Fri, 09/27/2019 - 13:51
Alex Dovbnya
Bitcoin network hashrate reaches another high just two days after it nosedived by 30 percent
Cover image via 123rf.com
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Bitcoin’s hash rate has reached a new all-time high of 108 EH/s on Sept. 27, which flies in the face of those who questioned the robustness of the network. However, it might soon experience another massive drop if the BTC price doesn’t hold above the $7,500 level.

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Nobody knows what happened 

The network’s hash rate suddenly crashed by more than 30 percent on Sept. 24 (from 98 EH/s to 57.7 EH/s).

This preceded one of the biggest Bitcoin price drops this year. As reported by U.Today, the top coin flash-crashed to the $7,900 level on Sept. 25 and failed to recover.

There have been multiple theories about what caused this drop — from power outrages to the Bakkt flop, but the real reason remains a mystery. 

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Older miners could become unprofitable   

Some also suspected that miners might have left the playing field en masse due to stagnant Bitcoin prices (it became less profitable to mine BTC in September). This argument doesn’t hold anymore given the network has recently printed yet another ATH despite significantly lower prices.

However, according to Dovey Wan of Primitive Ventures, the rumored exodus might indeed happen if the BTC price drops below the $7,500, thus making Bitmain Antiminer S9 unprofitable.

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with an extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.