Bitcoin hash rate suffered a critical fall amid problems with the low rate of the first cryptocurrency and hash war in Bitcoin Cash system. In 24 hours, it fell by 12% and reached the level of 47 EH/s.
Such a decrease in hash rate might be caused by a couple of things. Firstly, the stability of Bitcoin price, which has been fluctuating between $ 6,300–6,500 for a month now, stopped being attractive for investors. Secondly, the continuing increase in the complexity of network computing (Difficulty Rate) currently leaves miners without any substantial profit, thus making extraction of the first cryptocurrency utterly unwanted. Thirdly, the recent news from Bitcoin Cash that is on the edge of the split into two different cryptocurrencies may provoke BTC miners to temporarily switch to the Bitcoin Cash network to support one of the possible forks.
Bitcoin SV supporters believe that if they have more than 51% of the network hash rate, the other miners will also go to their side. However, the situation is not, unfortunately, as simple as that. Users can independently decide whether to go and support one version or another, whether to accept the version they do not like or not — the choice is theirs. Therefore, the possibility of the split is very high. The “hash rate war” is exacerbated by the fact that two software programs are not compatible.
It is worth to remember that at the end of August this year, the bitcoin network hash rate reached an unprecedented maximum, exceeding 61,000,000 TH/s. At the end of October, the network reached its lowest point, nearing 40,000,000 TH/s.