Currently, the bitcoin hash is at 97.9 EH/s, although a little over a week ago, this indicator was 136.264 EH/s.
Thus, the decrease in the total network capacity of the leading crypto amounted to 30%.
Alejandro de la Torre, Vice President of the Poolin mining pool, noted that the hashrate directly depends on the cost of the cryptocurrency mining.
“If miners cannot even cover the cost of electricity, they are forced to turn off their equipment. I think that’s why we saw a decline today,” de la Torre shared his thoughts.
Trending: Finder: Bitcoin could hit $80,000 by 2025
He added that panic could play an essential role in what was happening, because "miners are also people." On the other hand, some of the players in this market segment try to hold coins, even during periods of rapid price drops.
Analyst Jacob Canfield believes that in some countries, it is profitable to mine Bitcoin until its price reaches $4000.
As the price of #bitcoin drops, the efficiency of the markets will take over
— Jacob Canfield (@JacobCanfield) March 10, 2020
Here are the Top 5 Cheapest places to mine Bitcoin
1. Venezuela—$531
2. Trinidad and Tobago—$1,190
3. Uzbekistan—$1,788
4. Ukraine—$1,852
5. Kuwait—$1,983
Many can mine above $4,000 and be profitable.
According to him, the cheapest electricity is in Venezuela, Trinidad and Tobago, Uzbekistan, Ukraine, and Kuwait.