Bitcoin’s hash rate fell 50% from its peak in May, falling to its lowest point in a year, according to the knowledge of The Block.
On May 14, the hash rate increased from 180 p. e. /s to the existing 90 p. e. , according to The Block.
This decline, that of bitcoin’s history, has offset the historically observed long-term uptrend.
The decline can be attributed in large part to China’s intensified crackdown on bitcoin mining. The Asian superpower is lately the world’s largest bitcoin miner, accounting for more than 65% of the business, according to knowledge from the Cambridge Center for Alternative Finance.
In the past, there was also a strong correlation between the hash rate and the value of bitcoin, which may indicate that more problems are looming for the world’s largest cryptocurrency.
In recent days, bitcoin has traded at a diversity of about part of its April record value of about $65,000, down 3. 76% to $34,606 at 9:06 a. m. et.