The price of bitcoin has been on a long losing streak since November 10, 2021, when the leading crypto asset tapped an all-time high at $69K per unit. During the last two weeks, bitcoin has shed more than 19% in value, and the network’s hashrate has dropped from over 200 exahash per second (EH/s) to 174 EH/s losing roughly 15% in ten days.
Civil Unrest in Kazakhstan Leads to Hashrate Loss Speculation, Kazakhstan’s Bitcoin Miners Say Issues Did Not Affect Them
This week the civil unrest in Kazakhstan caused a lot of people to speculate on whether or not it would affect Bitcoin’s global hashrate. The reason for this assumption is because it is estimated that Kazakhstan accounts for at least 18% of the global hashrate, according to the most recent estimates from the Cambridge Centre for Alternative Finance (CCAF). Looking at the 30-day chart for Bitcoin’s (BTC) hashrate indicates that the protocol’s hashpower lost roughly 15% in ten days.
Reports stemming from Kazakhstan indicate that the civil unrest has stabilized and the country’s Data Center Industry and Blockchain Association of Kazakhstan (NABCD), said the issues did not affect digital currency miners. There were a few issues that may have affected bitcoin miners over the last week that are not associated with the problems in Kazakhstan.
Bitcoin’s Low Price and Higher Difficulty Puts Pressure on Bitcoin Miners
Five days ago, bitcoin (BTC) was exchanging hands for $46.5K per unit but the price slid more than 10% in value. Moreover, over a month ago, the best performing mining rig with more than 100 terahash per second (TH/s) would get $25 to $30 per day, per machine, and an electricity rate of $0.12 per kilowatt-hour. Today,