What Crash? Bitcoin Hash Rate Doubles in 24 Hours Despite Price Drop

Must Read

Eight Things in Crypto You Can’t Afford to Miss This Week

In this roundup, we cover China's market-rattling resistance to Bitcoin, the increasing drumbeat toward crypto regulation, the...

Why the Cloud Industry Needs to Become Greener

According to Energy Post, the Internet will consume 20% of the projected electricity demand...

Your Wallet May Not Be as Secure as You Think; Here’s What To Do

Remember the egregious breach that exposed Ledger’s entire trove of customer data to the public?...
- Advertisement -
Earn Free Bitcoin

Bitcoin (BTC) has already dispelled myths its hash rate suffered a 40% drop this week, reaching new all-time highs just days afterwards.

What hash crash?

As data from monitoring resource Coin Dance confirms, after the hash rate metric dipped from 104 quintillion hashes per second (h/s) to 57 on Sept. 23, it immediately reversed.

On Sept. 24, it doubled, reaching 114 quintillion h/s, just a touch away from the all-time highs of 121 quintillion h/s seen ten days previously. 

Bitcoin network hash rate
Bitcoin network hash rate. Source: Blockchain.com

As Coinworld360 reported, commentators initially appeared scared when hash rate dropped. Long considered a measure of commitment to the Bitcoin mining process, what appeared to be a sudden exodus of computing power sparked alarm. 

That feeling was compounded as BTC/USD itself shed 15% a day later — a common theory among commentators is that price action follows hash rate movements.

Dispelling the myths on Bitcoin health

Nonetheless, technical sources subsequently explained that the hash rate charts available online in fact give little idea of computing power involved in Bitcoin. Hash rate, they explained, is essentially unmeasurable, and the statistics are simply an estimate. 

Factors such as slow block times can disproportionately affect results, leading to overly ominous results such as this week’s fake crash, they added.

If the latest statistics are reliable, however, Bitcoin’s hash rate remains on its upward trajectory, around all-time highs. This contrasts with its drop in price: at press time Friday, BTC/USD was down 21% versus seven days ago.

- Advertisement -
- Advertisement -

Latest News

Sunday Market Analysis from Trendtracers

BTCUSDT. First impression is bearish, there seems to be yearly support at around 28k, We’re expecting more...
- Advertisement -Earn Free Bitcoin

Earn Passive Income with Nhash Cloud Mining Services

Cloud mining services are an easy way to earn passive income online. Although...

Afri-X and DigiShares Bring Tokenization to Africa

DigiShares is proud to announce its partnership withAfri-x.com to deliver the power of tokenization to Africa. DigiShares has licensed its tokenization platform to...

Racing For Heroes selects Gen2 Technologies as a Key Technology Partner

SPARKS, Nev., April 7, 2021 /PRNewswire/ -- Gen2 Technologies Inc. (the "Company") (OTC: MNIZ) is proud to announce that it has been...

Ken The Crypto tells You How to Get the Most out of the 2021 Bull Run

The year 2021 is what people call the "Bitcoin Year", and the reason is self-explanatory. This recent bull-run has brought...