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.