Bitcoin hash rate falls 13% in one day, mining difficulty estimated to drop 10%
TL;DR The hash rate of Bitcoin (BTC) dropped 13% on December 27, causing the mining difficulty to drop by 7-10%. This is mainly due to miners in the U.S. shutting down operations due to the winter storm.
Bitcoin’s (BTC) hash rate fell 13% on Dec. 27 to 202.17 EH/s from around 240 EH/s recorded on Dec. 26.
It has since recovered to 234 EH/s, as of press time.
The hashrate decline is expected to lead to a 7% to 10% drop in mining difficulty.
BTC’s mining difficulty is near a record high at 35.36T. The estimated decline will see the mining difficulty drop to between 31T and 32T, according to bitrawr.
On Chrismas eve, BTC’s hash rate fell over 40% because major miners in the U.S. had shut operations due to the winter storm. While the hash rate soon recovered on Christmas day, peaking at around 247.87 EH/s, it has gradually declined since.