Bitcoin Network Hashpower Dips Slightly After Price Drop

Over the past few weeks, a lot of people have been paying close attention to the overall hashrate pointed at the Bitcoin network. With BitFury deploying their new data center in Georgia, the network hashrate spiked to unseen heights. Now that the price has dropped off by a fair bit, the hashpower is declining as well. No reason to panic yet, although 200 petahash has suddenly gone missing.

Also read: Bitcoin Ecosystem Starts To Recover As People See How Certain Individuals Are Expendable

A Sudden Drop In Bitcoin Hashpower

TheMerkle_Bitcoin Price Recovery

Whenever the Bitcoin hashrate drops all of a sudden, there is hardly ever a reason to panic. After all, when new mining hardware is deployed on the network, it always takes a few days until the charts pick up on its average hashpower, rather than its peak performance.

Furthermore, it is important to keep in mind a large portion of the miners are running the hardware at home, and only mine when it is profitable to do so. Considering how electricity costs will hardly ever

Read more ... source: TheBitcoinNews

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