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Bitcoin Mining Hash Rate Has Dropped to the Lowest in 180 Days

Effects of Bitcoin Halving on the Mining Network

Mining is a necessary evil; without it, the proof of the transactions that are taking place on the blockchain of Bitcoin doesn’t hold any validity, which means the whole system would collapse, and no new minting of the Bitcoin takes place at all. That is why millions of miners are scattered in various parts of the globe, mining continuously 24/7, bringing stability and consistency to Bitcoin’s blockchain. 

But given the recent crackdown that is taking place in China, the hash rate, which is the determinant of how much mining is taking place, and stability of a cryptocurrency’s blockchain is at a three-month low for Bitcoin. This is not a very happy situation for Bitcoin or the continuity of its stability and minting of new coins.

Shifting to Friendlier Mining Regions will Take Time

China is among those regions that have cheap electricity, and every new mining equipment, whether it is a new mining rig or graphics card, is made available to the miners early than the rest of the world. There were miners clamped in every small or large metropolitan of the city, some being holed near a coal power plant or some other electricity-generating mansion for the sake of mining. This adds tons of stability and keeps the hash rate of Bitcoin at an optimum. During the last 24 hours, the hash rate for Bitcoin has dropped all the way to 127 from the highs of 180, and the main reason is China pulling the plug on all the Sichuan-based mining farms consecutively. 

Miners were seen packing their mining equipment and getting things ready to migrate to a friendlier zone when it comes to mining. China might be blowing a billion-dollar market when it comes to rooting all the mining operations from the region due to the intangible threats that it is feeling towards the local fiat. Despite the fact that green adoption for miners in China might have brought the whole thing away from the verge of becoming an environmental disaster, China seems adamant to block all crypto mining activity effective immediately.

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Name Price24H (%)
Bitcoin (BTC)
$32,756.00
1.71%
Ethereum (ETH)
$2,062.18
2.58%
Tether (USDT)
$1.00
0.05%
XRP (XRP)
$0.60
0.76%
Litecoin (LTC)
$121.10
1.16%

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