Bitcoin Network hash rate bounces back

Bitcoin Network hash rate bounces back

By ircrp | ircrp | 2 Nov 2020


 

Further to the article highlighting that Bitcoin Network has suffered a substantial hash rate loss towards the last weeks of October 2020 there appears to be a significant bounce back, even prior to the upcoming difficulty adjustment.

  • The fall from 150 EH/s on 24th of October to the lows of 98EH/s by 27th of October has resulted in clogging up the network for several days with spike on the fees and the network constantly being filled up by more than 100,000 transactions.
    • With that nodes ended up dropping the lowest fee transactions due to running out of the default 30MB data storage dedicated for queued transactions.
  • With the current difficulty being on all time highs, understandably as a consequence of past halvings and recent Bitcoin's price action volatility there is however an expectation of decrease in the next difficulty adjustment due to this cycle's drop out of miners (presumably due to migration period post rainy season in China).
  • The difficulty adjustment is set for 2nd of November 2020 and estimated to roughly decrease the difficulty of mining Bitcoin by 15% for the next 14 days cycle.
  • With that we already appear to be observing a bounce back from the regions of 98EH/s to today's 124EH/s with a day away of difficulty adjustment which might be one of the most lucrative period for Bitcoin miners since the last halving.

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