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Data Suggests Bitcoin Has Recovered Network Power Post-Halving
Summary: In the days leading up to Bitcoin's halving, traders had voiced concerns that the network would lose speed after the halving due to a loss of a large number of miners unable to operate with slashed revenue. However, data suggests that the network has already recovered the power lost immediately following the halving on Monday, ...
In the days leading up to Bitcoin's halving, traders had voiced concerns that the network would lose speed after the halving due to a loss of a large number of miners unable to operate with slashed revenue.
However, data suggests that the network has already recovered the power lost immediately following the halving on Monday, May 11. Post-halving the power committed to the network measured by the hash rate dropped from around 125.69m TH/s to 95.27m TH/s, data from Blockchain shows. This drop was likely the result of miners shutting down their equipment as they were unable to remain profitable with the slashed reward.
Since May, the rate has since recovered and currently stands around 109.22m TH/s. If this rate does see another drop it may add selling pressure to Bitcoin as miner equipment is sold.
By Emily Mason
Tags: Bitcoin,BTC,Halving
Link: Data Suggests Bitcoin Has Recovered Network Power Post-Halving [Copy]
