The activity of the bitcoin miners continues to update lows, the network hash rate on Saturday 31 October fell to 116 exahes per second (EH/s).
The last time this amount of computing capacity used to extract cryptocurrency was at the end of July 2020. However, there is no reason to panic, says Garrick Hilleman, representing the Blockchain.com team.
This company, which appeared in 2011, introduced the term „hashreite“ for the first time. This term is used by researchers to determine the level of Bitcoin miner activity at a specific time interval.
Hillemann emphasized in an interview with Crypto Superstar that hashreight is a very volatile indicator. Whereas in March it fell to 75 EH/s, it started to rise again after the May halving (reduction of the miners‘ award), reaching a historic high on 25 September (161 EH/s).
Another rapid drop occurred at the end of October. Many researchers linked this trend to the termination of the miners in Sichuan Province, where the rainy season had ended.
According to Hillemen, the collapse of the hashreite has no effect on the market position of the bitcoin.
So for me it is not a serious problem. It’s interesting data, but we have seen other falls after halving.