Latest NewsBitcoin hash rate drops to all-time low of 14%

Bitcoin hash rate drops to all-time low of 14%

The Bitcoin network reached 2022’s lowest estimated power demand of 10.73 gigawatts (GW). At its peak, the BTC network demanded 16.10 GW of power. BTC hash rate drops to an all-time low of 14%

According to the data from ccaf.io Power consumption of the Bitcoin network recorded a heavy drop after mimicking a long fall in the mining hash rate, which lowers the commuting power for mining BTC blocks to 198.219 hash per second (EH/s). 

Its data shows that the Bitcoin network recorded the year 2022’s lowest power demand of 10.75 GW Theoretical lower bound of 5.82GW and a Theoretical upper bound of 20.26 GW.

Michel Khazzaka, an IT engineer interview said that “Bitcoin Lightning, and Bitcoin, in general, are really great and very efficient technological solutions that deserve to be adopted on a large scale. This invention is brilliant enough, efficient enough, and powerful enough to get mass adoption.”

The heavy drop in Bitcoin’s power demand can lead to a falling hash rate. The mining hash rate serves as a key security metric, computing power is very necessary for BTC miners to mine a block easily.blockchain.com data shows that difficulty for minors is reaching its all-time high of 229.550 EH/s on June 13, which was followed by -14% drop in two weeks. Biggest miners F2pool and Antpool their hash rate down with each mining 81 & 80 blocks in the last four days.

Related: Bitcoin Miners Finally Stopped Selling Bitcoin.

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