{"id":461869,"date":"2021-04-21T22:01:33","date_gmt":"2021-04-21T22:01:33","guid":{"rendered":"https:\/\/ktsl888.com\/?p=461869"},"modified":"2024-06-11T13:55:09","modified_gmt":"2024-06-11T13:55:09","slug":"decline-bitcoin-hashrate-miners","status":"publish","type":"post","link":"https:\/\/ktsl888.com\/news\/decline-bitcoin-hashrate-miners\/","title":{"rendered":"Decline In Bitcoin Hashrate Causes Miners To Earn $16.7 million In 24 Hours"},"content":{"rendered":"
On April 15, a widespread power outage in North China led to a sharp decline in the Bitcoin hash rate. Because major mining farms are located in China, there was a 20% corresponding decline in hash rate.<\/p>\n
As a result of the decline in hash rate, backlog in transaction processing quickly surged, causing a mounting transaction fee. With the high mining fee, Bitcoin miners have earned nearly $16.7 million in just 24 hours.<\/p>\n
Wu Blockchain noted in a tweet<\/a> earlier today:<\/p>\n “Bitcoin miners’ fees have increased significantly. The fees paid to Bitcoin miners in a single day amounts to $16.76303mln. The core reason is that the power outage and inspection in Northwest China has reduced the 20% hashrate, resulting in a backlog of transactions.”<\/span><\/p><\/blockquote>\n It appears that as a result of the backlog, some users increased their miner’s fee to speed up their transactions.<\/p>\n “There are many unpackaged transactions in a short period of time, causing transactions to be queued, and the number of transactions that the network can process within a certain period of time is limited. Users who are anxious to transfer will increase the miner fee,” Wu Blockchain added. Related Reading |<\/b> Supply Crunch Coming, Bitcoin Miners Stop Selling<\/a><\/em><\/p>\n The limited the number of transactions that could be processed and verified at the time. Hence, many transactions were held up in the blockchain, pending for over 9 hours. Many analysts have attributed the recent price correction to the mining outage in China leading to a new concern about the impact of power outage on BTC and the blockchain at large.<\/p>\n Controversy started when many claimed that the Bitcoin network\u2019s hashrate dropped by 40% on April 18, however, others pointed out the fact that the Chinese power outage took place on April 15 and the drop in mining hash power was not more than 20%.<\/p>\n <\/p>\n <\/p>\n Since the power outage, the topic of mining power deficiency has continued to be a heated discussion in the crypto community. As Bitcoin retraced from a new all-time high of $64,683 to fall to around $54,000 as exchange supply of BTC is seeing a continuous decline.\u00a0<\/a><\/p>\n Bitcoin Price is currently consolidating above $55,000 with support holding at $54k. However, the nearly 10% drop on April 18 was nothing out of the ordinary as the king cryptocurrency has seen above 25% drop during the current bull rally. To compare, 2017 had price dips ranging from 10% to 25%, which occurred about 6 times. While the current bull run has only experienced one of such major pullback.<\/p>\n Related Reading |<\/b> Bitcoin Price Nosedives $5k, Why BTC Could Extend Losses<\/a><\/em><\/p>\n According to Rekt Capital,<\/a> the fall from the new all-time high has not affected the bull trend of the coin.<\/p>\n
\n<\/span><\/p>\nThe Bitcoin hashrate dropped abruptly. Price soon followed | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
Bitcoin Is Slowly Bouncing Back<\/h2>\n