Bitcoin Hashrate Drops to November Levels

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The hashrate of Bitcoin, which is the total combined computational power used to mine and process transactions on the network of the cryptocurrency, has slid to an 8-month low, data from Bitinfochart shows.

According to the analysis resource, the hashrate of the market’s largest cryptocurrency has dropped to November 2020 levels, probably as a result of the closure of mining pools in the Chinese province of Sichuan following an order recently announced by the authorities.

Now, the hashrate of BTC stands at 91.2 EH/s, which is 46% less than 171.4 EH/s from six weeks ago. We should take into account that the lower the hashrate of a crypto’s network is, the more vulnerable it is to 51% attacks.

The last time the hashrate of the network of the cryptocurrency developed by Satoshi Nakamoto was at similar levels was in November 3, 2020, when it stood at 90 EH/s.

Last week we reported that the authorities of Sichuan has ordered energy plants to cut their supply to local mining pools.