- Bitcoin hashrate is stabilizing between 80 and 100 EH/s
- BCH hashrate is rising after the BTC reward halving
- Bitcoin price held below $10k but is priming to surge
Since the Bitcoin reward halving, the average 24 hour hashrate has begun to stabilize to more consistent levels than before the halving. After seeing around a 30% drop in mining power, the Bitcoin hashrate reached lows around 78 EH/s.
Since reaching lows on the 18th of May, the hashrate has stabilized between 80 and 100 EH/s.
Bitcoin hashrate in May 2020 – taken from Coinwarz.com
BCH not yet at pre-halving levels
Bitcoin Cash (BCH) is getting some of the mining power that diverted from the Bitcoin network. Since the reward halving, the network jumped from around 1.5 EH/s to 4.6 EH/s. Since the initial spike, BCH’s average 24 hour hashrate has normalized at around 2.5 EH/s.
However, despite the recent increase in mining power, BCH is still trending below its levels seen since before its own reward halving on April 8th. In Q1, the network rose up to 5.1 EH/s.
BCH hashrate Q1 and Q2 2020 – taken from Coinwarz.com
Market price limited below $10k
One of the main factors holding BTC and other cryptocurrencies from increasing to pre-halving rates is the market price of Bitcoin. The BTC price has struggled to go above $10k. Many experts claim that a market value of $13k per BTC would be needed for legacy miners to come back into operation.
Bitcoin market price in May 2020 – Taken from Coinwarz.com
The U.S. Federal Reserve is taking unprecedented measures of quantitative easing. Paralleling the response to the economic crisis of 2008, BTC bulls, miners, and crypto enthusiasts are predicting a price surge.
Until we see a storm, the BTC hashrate will likely continue to stay stabilized and lull before the storm.
Written by Nate Christenson, hashpowah editor and eCommerce Product Manager