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Bitcoin Hash Rate Drops 25% Ahead of Halving Event

18/01 07:19

According to Decrypt, Bitcoin's hash rate has experienced a 25% drop since the weekend, raising concerns about the security of the largest digital coin's network ahead of the upcoming halving event. Data from MiningPoolStats reveals that the total real-time hash rate from all known mining pools fell from 570 exahashes per second (EH/s) on Sunday to as low as 425 EH/s on Tuesday, currently standing at 550 EH/s. The decline in hash rate is attributed to miners in Texas curtailing power to strengthen the local grid amid a cold outbreak. Texas is a significant Bitcoin mining hub due to the state's cheap electricity. The upcoming Bitcoin halving, expected to occur in April, will see the amount of Bitcoin awarded to miners cut in half. Instead of 6.25 Bitcoins, miners will be rewarded with 3.125 BTC for each block they process. This reduction in rewards is intended to limit the amount of new Bitcoin entering the market and maintain the digital currency's inflation rate. Some market analysts believe the halving event may push the price of Bitcoin up due to the asset's increasing scarcity. Historically, a halving has preceded a Bitcoin bull run, though analysts disagree on the event's impact on the market since it is known well in advance and coded into Bitcoin's system.

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