Along with this, the network’s hashrate has dropped significantly since mid-November. The total hashrate dedicated to the Bitcoin network is currently holding steady at 236 exahash per second (EH/s) after dropping below the 200 EH/s range six days ago.
Bitcoin hashrate drops
First week of November 2022 is tough on digital currency prices as FTX collapse negatively impacts entire industry It was something. Before the FTX fallout, Bitcoin was trading above the $20,000 zone, with the network’s total hashrate hovering around 270 to 290 exahash per second (EH/s) before the explosion.
A day after FTX filed for bankruptcy, there was a sharp rise in hashrate, with the total hashrate ofBTChitting a record high on November 12, 2022. At a block height of 762,845, a Bitcoin miner managed to temporarily boost the hashrate to a whopping 347.16 EH/s. fell below the range of
Currently, Bitcoin miners have successfully exceeded 200 EH/s. To the current 236 EH/s recorded at 10:15 AM ET on December 2, 2022.
At the time of writing, theestimatedBitcoin production cost ($16,956) is very close to the spot market value of the leading crypto asset ($16,897). Previously, Bitcoin’s production cost was $18,313 on Nov. 30, significantly higher than the spot market value ofBTC. Declining production costs of BTC will make it easier for current operators to survive.
Bitcoin miners also expect a significant drop in mining difficulty on or around December 5, 2022, ranging from 6.56% to 7.9% lower than today’s difficulty rating. From November 30th to December 2nd, 2022, approximately 80 exahash hashpower has been removed from the network’s total hashrate.
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