Bitcoin hashrate plummets 28% and is the biggest downward adjustment in its history

Bitcoin (BTC) mining difficulty has seen its biggest downward adjustment in history as it has plunged 28%

According to on-chain market analysis company Glassnode, the 28% decline is the biggest adjustment in Bitcoin’s history. The latest drop now shows the total Bitcoin hashrate at about 87.6 TH / s.

The drop means that the total hashrate is now at a 19-month low. The last time the hash rate was this low was in December 2019.

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Last week, the total hashrate hit a new yearly low as it reached 101.9 TH / s. However, the total hashrate has continued to fall, with the massive 28% adjustment drastically reducing the hashrate.

On-chain analyst Willy Woo commented on the recent adjustment, relating the largest downward adjustment in history as “the capitulation of the miners.” Woo also blamed China for the continued downtrend in mining hashrate.

The country has been taking extreme measures to get rid of Bitcoin mining operations in the country.

The mining ban has caused an exodus of mining companies moving overseas or shutting down entirely as China turns its attention to its central bank digital currency (CBDC).

Bitcoin’s inflation rate hits the lowest level in history

Glassnode also previously reported that Bitcoin’s inflation rate recently reached 0.71%, which was the lowest inflation rate ever for the cryptocurrency.

This can be attributed to the decrease in the power of the hashrate. Blocks continue to be mined more slowly as large volumes of hash power leave the network.

Bitcoin miners are looking for new locations to continue mining operations. With the United States and Kazakhstan as the most favorable places for miners from China.

Miners have already started moving to Kazakhstan, and the country also recently announced new electricity surcharges for incoming miners.

Texas also appears to be a key location for miners looking to continue their operations.. Texas Offers Low Electricity Prices With A Pro-Crypto Perspective. Something that could benefit new mining operations in the future.

The post Bitcoin Hashrate plummets 28% and is the biggest downward adjustment in its history was first seen on BeInCrypto.

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