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Alert: An unexplained 40% crash hits Bitcoin Hash Rate

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Alexander Aryan
Alexander Aryan
After completing his Masters in Business Administration and Management from the California State University, Alexander dedicated his life into studying and writing about bitcoin and the technology behind it as he believes it to be the money of the future. Apart form being a writer, Alex is also a great speaker and loves to participate in blockchain events.

Bitcoin's Hash Rate was struck by a 40% drop which still remains unexplained to people. The hash rate went down from 166.6 PH/S to 57.7 PH/S.

Bitcoin’s hash rate was increasing at a steady pace even though the price was fluctuating. But a sudden dip in the hash rate has left everyone wondering what the reason could be. On 23rd September, the hashrate for bitcoin suddenly¬†dropped¬†by 40% as it went down from 166.6 PH/S to 57.7 PH/S.

This sudden drop remains unexplained as the hash rate throughout the summer has been increasing and reaching to record-breaking strings of new all-time highs. A few days ago, the hash rate passed the record-breaking 102 quintillion hashes.

Bitcoin’s hash rate is somewhat recovering back with time but remains below the earlier record. This drop, however, is a mysterious occurrence in the market and throughout summer, analysts said that record-breaking streak of hash rate is a bullish indicator for the price of BTC.

In November 2017, Bitcoin saw a sudden crash in hash rate which was accompanied by slowed transaction processing time, price dip, and miners losing interest in Bitcoin and switching to forked network, Bitcoin Cash.

Disclaimer: Coinnounce's views are not necessarily reflected in the articles published, and they are the sole representation of the author's opinions. Article's information should not be taken as investment advice. Risks are involved in cryptocurrency investments and trading. Readers are urged to carry out extensive research before making a decision.

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