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Research

Bitcoin’s hash rate declines by more than 10%

Bitcoin's hash rate is showing signs of exhaustion as it experiences the steepest decline in two years. From its all-time high on October 4th, the hash rate has dropped by 11.6%. The decrease was not unexpected as mining profits got squeezed with more competition and falling prices. The Bitcoin Cash "hash war" likely played a role as well as some miners switched from Bitcoin to the different implementations of Bitcoin Cash. In the grand scheme of things, however, the drop is fairly insignificant. Just in the last year, the hash rate grew by more than five times.