As had been predicted by many, Bitcoin’s hashrate has seen a reduction in hashrate since the block reward halving. At Hashpowah, we take a look at which mining pools are seeing the biggest reductions in hashrate.
We compared the average hashrate in the top 8 mining pools from May 8th to the current hashrate on the PM of May 14th. This will shed light on the % of change mining pools have seen since the halving.
As of the writing of this article (9pm MST, May 14), the top 8 mining pools in terms of hashrate are F2Pool, Poolin, AntPool, BTC.com, Poolin, 1THash, Via BTC, Okex, and SlushPool.
Note that the average hashrate on May 8th was around 111-115 EH/s. On May 14th, the average hashrate was around 90-92 EH/s.
Although the day just before the reward halving saw a spike in hashrate up to an all time high at 150 EH/s, the average hashrate has been hovering around the 110-120 EH/s level.
Breakdown of hashrate change by pool
Average hashrate May 8
Hashrate night of May 14
% change from May 8
|F2Pool||21 EH/s||17.5 EH/s||16.67%|
|AntPool||16.5 EH/s||13.5 EH/s||18.18%|
|BTC.com||15.2 EH/s||12.8 EH/s||15.79%|
|Poolin||19.2 EH/s||12.7 EH/s||33.85%|
|1THash||17.7 EH/s||6.6 EH/s||62.71%|
|Via BTC||8 EH/s||6.2 EH/s||22.50%|
|Okex||7.1 EH/s||5.2 EH/s||26.76%|
|SlushPool||6.1 EH/s||5.4 EH/s||11.48%|
As can be seen in the above table, all of the pools are now pushing a hashrate of under 20 EH/s.
The losses in hashrate was not equally spread across mining pools. The biggest losses were seen by Poolin and 1THash, with 33.8% and 62.7% losses.
% of Mining Pool hashrate change from May 8 to May 14. Data estimated from miningpoolstats.stream
Takeaways and short-term outlook
The loss in hashrate does not shed a bright picture for miners struggling to maintain profitability. However, the overall reduction of hashrate in the network is less than what some had predicted. The BTC mining power is currently running with around 25% less hash power than before the reward halving and some mining pools have begun to see increases in mining power in the past 24 hours.
Some had predicted losses of over 30% in the initial days after the halving. 20%-25% in losses is certainly a better picture.
The market valuation of BTC in the next few days/weeks will likely influence miners significantly. If BTC drops below current levels, many more miners will surely be forced to discontinue mining. Conversely, as hashrate continues to drop, lowered difficulties will bring more hashrate to the network.
Regardless of future market valuations, the chinese rainy season and increase in hydroelectric power from ice melt during springtime may mitigate mining power reductions.
Written by Nate Christenson, hashpowah editor and eCommerce Product Manager