Blockchain
By Maheen Hernandez
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The Bitcoin Hash Rate was down as a result of the Xinjiang blackout. One province in China represents a significant share of the Bitcoin network.
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Jared Tate stated in his thread: I have warned for years about this being biggest threat to BTC.
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The Bitcoin adjustment not only limits how far it can move, but it takes 2016 blocks to make an adjustment. That's 4 weeks at 20 min blocks.
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He pointed to a September 24, 2019 video stating how he has explained it all in a short video in 2019.
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Some feel that the Xinjiang grid going down and its effects on bitcoin hashrate are what economists call a “natural experiment”.
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Some stated 40% is a significant drop and that it should be more decentralized.
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Someone was left wondering, should we expect longer block times until the next difficulty adjustment?
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Providing a clarification another user stated, they wouldn’t make more as they would lose all the profit from this time period.
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Another user expressed, While the hash rate would closely follow the price movement, the opposite isn't always true.
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The sudden drop in hash rate in Oct 2020 could be due to: 1. Mining pool relocation 2. Power outrage in a mining location 3.
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During the Bull Run, the hash rate goes up with the price and any drops in the hash rate should be recovered very quickly.
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