Topic: Hashrate is dropping - page 2. (Read 642 times)

There's no need to worry as the difficulty will get adjusted roughly every 2 weeks. It is not as bad as 2018 where people are rushing every time to make txs.

It will depend on what people actually wanted. If they need crypto to pay for something fast (but not that secure), using alts might be an option. But if they want to use bitcoin then they won't move from it. Bitcoin is really secured compared to other networks where 1 confirmation is enough for most merchants to accept your transaction, while on other chains you might need several confirmations.

all true but my point is that since the period you are looking at is very tiny you can not make an accurate conclusion. there is a very high chance of that conclusion having a very large error.
when you look at the past 6 months hashrate chart you can see pretty much similar movements with a tiny overall rise. https://bitinfocharts.com/comparison/bitcoin-hashrate.html#6m so why is this particular "fluctuation" in the number that these sites report (which is not accurate) any different? just because it was after halving?

No, halving really takes a toll to small time farmers which is why the hash-rates are dropping. Once the difficulty adjust, miners will come again and the hash will surely rise again. But it may take time since there are many factors that affect miners. Let's consider the profit of miners right now, it is at -50% because of the halving. Most miners would lost money. If Bitcoin where to rise in price at at least $12,000+, small time miners might consider mining again.

I am also beginning to worry as i see so many unconfirmed transactions. Also if this continue for long, will it have a bad effect on bitcoin and people will start to leave bitcoin and use other altcoins for example ethereum to avoid the high fee and confirmations time ?

I guess it's too early to say, why not give at least a week to see how it goes for the miners. The decline might indicate that some miners have turn-off their rigs and shut down their operations because it is harder for some of them to make profit, but it doesn't mean the 'capitulation'. And rainy season is coming to South East Asia (we just have a typhoon here), which, and as we all know that Chinese miners is generating power from hydro-electric, so maybe we won't see any death spiral post-halving.

Or small time miners temporarily suspended their operations to upgrade their hardware equipments.
Since mining Bitcoin at the third block halving requires faster mining hardware equipment. However, it's true that the hash rate drop was already expected because it will generally affect the miners income.
Anyway, this won't take forever. Miners specially the big ones are still in adjustment period, they will be fully operational soon.

yeah, inefficient miners are giving up, and new miners with new and efficient equipment will go in when the difficulty goes down, it was predicted, so would not make any fuss about it, just go on

See 15-30% drop in the hash rate was already predicted and therefore I did make the post on it before the Halving. 
Halving decreases the reward for the miners and therefore if you are a small miner, it will be difficult for you to pay your bills and all , therefore I do think we need to wait for everything to come down at a neutral rate .
Soon enough the big miners will be able to overtake the work and it will go back to normal and therefore let's wait for a while to make a conclusion about he hashrate decreasing.

Earnings was reduced and some can't be expected to stay. Most people know this already and might be temporary. For now, we should see a price increase as this is usual.


This would be temporary as big miners can increase their mining and contribute more hash rate.

Who cares, difficulty will adjust sooner or later and we'll go back to 10 minutes blocks soon. There's nothing extraordinary or unpredictable about halvings, everyone knew about them, everyone who needed prepared for them. There won't be any "death spiral" or whatever other FUD people may be spreading these days. There's nothing to worry about it.

IMO, miners leaving was predictable.
The earnings have been reduced by 50%. Some simply cant' continue to mine without losing money due to ongoing costs (rent / electricity / maintenance).

Depending on whether the BTC/USD value is going to rise or fall, we might see miners coming back or even more leaving. That's business. If they don't earn money, they stop mining.



Could be, but doesn't have to.
Those "experts" don't have any clue. Just like any other person.

As expected hashrate will drop due to halving that result miners stop mining business, this might take a few days or even weeks but rest assured it will rise again and go back to normal. However, the drop in hashrate is moderate compare to the previous dropped happen in the past halving event and as it has been proven in the past it will still bounce back soon. This happens only because some miners started to leave because of the halving of rewards but I don't think that this is an alarming scenario for it will be set again once trading starts to begin as usual.

I have heard from those expert in analyst that, paradoxically, the temporary decrease in the hashrate probably may a bullish sign for Bitcoin.

I wouldn't call 109 blocks in 24 hours modest.
https://blockchair.com/bitcoin/blocks?q=time(2020-05-13%2007:25:23..2020-05-14%2007:25:23)
Even with the price increase, we're still doing
Blocks:131
Avg. time between blocks: 659.54 s.

10% (now), that's not modest.


If you go from +40 blocks ahead of time to 11 that's the hash rate in two days decreasing.


Actually right as a consequence.
We have fewer mined blocks than normal, in the lasts 48 hours:
https://blockchair.com/bitcoin/blocks?q=time(2020-05-13%2006:54:55..2020-05-15%2006:54:55)

239 blocks compared to 288 normally.
On an average of 2000tx per block, that's nearly 80k transactions that couldn't have been confirmed in the last 48 hours compared to normal..
We take a look at the mempool, there are 60k unconfirmed.  


Now you have the evidence.

The Bitcoin Blockchain just Halving, so I think It only is temporary signals. The hashrate down mean some miner is shutdown your machine. But, maybe reason is Diff of Bitcoin. The diff of Bitcoin is still before halving because after 14 day, the diff of Bitcoin will re- calculate

Plus the price will surge again, and hashing power will be back. You know why? Because currently, slow blocks will have slower selling pressure by miners, AND users.

OP's concern is almost FUD-like in my opinion.

you are correct, block reward is a consensus rule and any manipulation of it would be against these rules which means if a block had a value larger than the allowed amount which is currently 6.25 + total fees (it can be smaller but not bigger) would be considered a invalid block by the entire network effectively moves the miner to a separate chain (fork) of its own where only that miner alone is on it.
it won't matter how much hashrate that miner has since the nodes reject such invalid blocks.

Really ?
I don't think that owning more than 51% of the hahing power will give you the ability to manipulate the block reward.
Yes, you can manipulate the transactions and change them to however you want but I think the block reward will remain the same since it has been coded in that way. If you want to change the block reward then you will have to change the way how the bitcoin is coded.
Well this is my understanding. Let me know if I am wrong.

that chart is completely wrong. we have no method of measuring hashrate in such a small time frame. they are basically taking the time between blocks and use that to compute hashrate which is wrong because block hashes are completely random, miners could get lucky and find them faster or unlucky and find them slower (eg. 1-2 seconds between blocks versus 1 hour between them). that doesn't mean hashrate has gone up or down in matter of days.
the only correct (closer to be correct but still not accurate) value for hashrat is when it is measured over a longer time such as the difficulty adjustment period which is 2 weeks.

wrong, you can not expect what will happen to the hashrate just because of halving.

wrong. fees only rise when there is a surge in number of transactions. considering the fact that price has been fluctuation hard and it has gone up nearly 15% it is understandable to see an increased number of transactions hence an increased amount of fee.

that site is the worst place to check the fees, it is always overestimating fees on purpose. right now as they suggest 150 as "The fastest and cheapest transaction fee" the reality is that around 100 to 110 gives you the fastest and cheapest fee. in other words they are reporting 50% higher fees!

no you can't say that, although i think naturally some miners did leave but we still have no evidence to support that. at least another week has to pass for us to be able to make that conclusion.

What does this imply? With my initial perception about the topic, some bitcoin miners are now starting to leave the market, as we know the relationship about hash rate and miners, if there are a huge number of miners, there are huge hash rate as well. But one thing I fear about this is that, the lower the hash rate we have about bitcoin network, the more vulnerable it could be.

I have watched some videos before concerning owning 51% of the hash mining power, if we can establish 51% of the worlds hashing power, we might manipulate blocks, though, there's no solid proof of it, I still believe that there will be enough miners to provide us with good service.

You are right by saying that this is a predicted phenomenon after the halving event.

There are some opinions regarding the way forward after BTC halving which could include the following:

1) The entire idea of halving is to force miners to be more efficient, so weeding out the inefficient and unsustainable ones are part of the beautiful design of blockchain
2) The remaining mining pools might consolidate to combine resources
3) There will be players entering the market once again when the price reaches a higher level that would make mining profitable again
4) When GPU technology advances further (with 7nm and 5nm production capabilities - and research has started for 2nm) it will be more efficient yet have a much higher hash rate.

This is my personal opinion, but if this happens, everything will be accelerated
1) The involvement of large datacentres and academic bodies to form their own mining pool.