Altcoin News: Bitcoin Hash Rate Decreased by 30% in One Day

September 24, 2019, by Marko Vidrih on ALTCOIN MAGAZINE

The amount of computing power in the Bitcoin network fell sharply on the first day of the week, according to data from the Coin.dance and Blockchain.com portals.

According to Blockchain.com, on Sunday, the Bitcoin hash rate was 98 quintillion per second, and on Monday fell below 67 quintillions per second, thus falling by more than 30%.

Image credit: Blockchain.com

Although the hash rate is periodically fluctuating, the latest decline is the largest in recent network history. Since the beginning of the year, there has been a rapid increase in computing power in the Bitcoin blockchain — recently, for the first time, the value exceeded 100 quintillion hashes per second.

Earlier, the Chinese authorities confirmed information about plans to limit the activities of mining enterprises in the Inner Mongolia region, which traditionally attracts significant amounts of computing power due to favorable electricity prices.

Local miners expressed concern that due to government policies and an oversupply of equipment, they would have to disconnect some of the computing power from the network.

Partner Fund Primitive Davy Van last week reported that the Chinese miners gathered at a major conference and warned them from organizing such events, given the uncertain position of the industry in the country.

Author: Marko Vidrih