Bitcoin miner activity continues to update lows, with the network hash rate falling to 116 exahes per second (EH/s) on Saturday 31 October.
The last time this amount of computing power used to extract cryptovolta was at the end of July 2020. However, there is no reason Ethereum Code to panic, says Garrick Hilleman, representing the Blockchain.com team.
This company, which appeared in 2011, introduced the term „hashreite“ for the first time. This term is used by researchers to determine the level of Bitcoin miner activity at a specific time interval.
Hillemann emphasized in an interview with CoinTelegraph that hashreight is a very volatile indicator. Whereas in March it fell to 75 EH/s, it started to rise again after the May halving (reduction of the miner award), reaching a historic high on 25 September (161 EH/s).
Another rapid drop occurred at the end of October. Many researchers linked this trend to the termination of the miners in Sichuan Province, where the rainy season had ended.
According to Hillemen, the collapse of the hashreite has no effect on the market position of bitcoin.
Translated with www.DeepL.com/Translator (free version)