The activity of bitcoin miners continues to update lows: the network hashrate on Saturday, October 31, fell to 116 exhashes per second (EH/s).
The last time such a volume of computing power used to mine cryptocurrency was observed at the end of July 2020. However, there is no reason to panic, said Garrick Hilleman of the Blockchain.com team. This company, which appeared in 2011, first coined the term hashrate. This concept is used by researchers to determine the level of activity of bitcoin miners in a specific period.
Hilleman, in an interview with CoinTelegraph, stressed that the hash rate is a very volatile indicator. If in March it fell to 75 EH/s, then after the May halving it began to increase again, reaching a historical maximum on September 25 (161 EH/s).
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Another rapid drop occurred at the end of October. Many researchers associate this trend with the cessation of miners in Sichuan province, where the rainy season ended.
According to Hilleman, the collapse of the hash rate does not affect the market position of Bitcoin in any way.
He added: "So this is not a major problem for me. That is interesting data, but we saw other falls after the halving."