BCH hashrate is at half of prior trends after its recent reward halving. BTC’s upcoming halving may follow a similar pattern if the market price does not increase significantly.
BCH miners producing at 50% of prior levels
The Bitcoin Hash hashrate is trending at half of its hashrate prior to its halvening on April 9th. After the reward halving, the hashrate went as low as 1 EH/s. In the initial days after reaching 25% of its original trend of 4 EH/s, BCH saw dramatic fluctuations in hashrate. Since then, it has started to stabilize at around 2 EH/s, about 50% of its previous levels of 4 EH/s.
Bitcoin lulling before storm
While BCH saw miners pull out with the reward halving, Bitcoin is lulling slightly below its all time high hashrate of 136 EH/s. BCH’s halving likely pushed some miners over to BTC in the days after the halving, but those gains have since trended downwards.
Bitcoin hashrate in mid April, 2020 – Take from Coinwarz.com
As Bitcoin’s 3rd reward halving approaches, many are certain that the hashrate will see serious reduction. Will the next reduction see the Bitcoin hashrate trend down to 50% of 136 EH/s at around 68 EH/s?
Many have speculated that a significant increase in market price would mitigate a hashrate fallout. Experts predict that $13,000 would be the needed price for many miners to stay in operation. If the price continues to trend in the $6,000 to $7,000, there will certainly be a large reduction in hashrate as many miners who do not have new equipment and competitive electricity rates will not be able to sustain a profitable operation.
Miners using the S9 generation are unlikely to remain profitable due to high energy consumption. Miners with current generation equipment are likely to remain profitability after the halvening due to improved efficiency. Springtime hydroelectricity surges may mitigate this impact, however.
The end of April will shed light on if BTC’s hashrate will be at half of previous trends after the reward halving. As general market volatility seems to be calming down and investors begin to reach back into higher risk assets.
Written by: Nate Christenson
Hashpowah Editor & eCommerce Product Manager