• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
  • About us
  • Write for us
  • Terms and Conditions
  • Privacy Policy
  • Disclaimer
  • Contact
  • All Posts
  • Advertise

TronWeekly

Crypto World News

  • Home
  • Education
    • Best TRON Wallets
    • Beginner’s guide to TRON
  • Opinion
    • Tron Tokens
    • Market Analysis
  • Industry
    • Tron Exchange
    • Project Review
  • Press Release
  • Advertise
  • About us
    • The Team
    • Editorial Policy
    • Write for us
    • Privacy Policy
    • Disclaimer
    • Terms and Conditions
    • Contact
You are here: Home / News / Bitcoin News / Bitcoin Hash Rate Begins a Steady Climb as Investors Keep Tabs on Yunnan BTC Mine Fire
Bitcoin hash rate begins a steady climb as investors keep tabs on Yunnan BTC mine fire

Bitcoin Hash Rate Begins a Steady Climb as Investors Keep Tabs on Yunnan BTC Mine Fire

June 15, 2020 by Akash Anand

The bitcoin halving that occurred in May was the town’s talk with a number of proponents and experts predicting a price surge. Although the world’s largest cryptocurrency has not seen a significant increase in its value, Bitcoin has remained steady between the $9,000 and $10,000 margins over the past few weeks.

After halving, Bitcoin also witnessed a dip in its mining hash rate. This was a direct consequence of the shutdown of several mining machines, which caused an increase in demand while the supply rate fell. June, however, brought some good news as the hash rate seemed to have gained some new ground.

On June 14, Coinmetrics noted that the Bitcoin rate had gone back to its earlier levels, ie. The levels achieved before the halving commenced on May 4. Coinmetrics claimed that the next difficulty adjustment would take place in approximately two days. This event is expected to be the largest adjustment scenario since January 2018, with an estimated 15 percent increase.

Analysis has shown that this is going to be the first difficulty increase since bitcoin was halved. The Bitcoin ecosystem has seen a resurgence of late due to a steady price hold. The world’s largest cryptocurrency has also instilled some confidence in the holders as a virtual asset in the wake of a global pandemic.

During the halving, the Bitcoin CMBI hash rate index dropped from 130 million terahashes per second to below 90 million terahashes per second. This also triggered large market sales. Although the hash rate has risen, the price has surprisingly dropped below expectations at the start of the new week. At the time of the press, Bitcoin traded $9061 with a total market cap of $166.7 billion. The 4 percent drop in the 24-hour spectrum caused the BTC market volume to drop to $21.42 billion.

Bitcoin enthusiasts are still looking for reprieves that will initiate price recovery, but they seem to have to wait a little longer. According to recent reports, a large mining farm in China in Bitcoin was the victim of a fiery inferno last week. The mine reportedly housed thousands of Yunan police machines still investigating the root cause of the fire. The effect of this destruction on the Bitcoin ecosystem has not yet been felt, but many predict that the fallout will soon be observed.

China has slowly increased its foothold in the cryptocurrency industry, and its dominance is growing with each passing day. Bitcoin fans may do well to observe movements within the Red Dragon, as the latest Yunan mine fire may have a greater impact than previously expected.

Filed Under: Bitcoin News Tagged With: Bitcoin (BTC), China, hash rate, Mining, news

Primary Sidebar

Recent Posts

  • Bitcoin Futures Open Interest Skyrockets To $13B; CME Tops Chart January 17, 2021
  • Litecoin’s [LTC] Buying Volumes Intact Despite Dull Price Action January 16, 2021
  • Kraken Becomes Latest Crypto Venue To Halt XRP January 16, 2021
  • Coinbase’s Latest Initiative To Spruce Up Listing Process January 16, 2021
  • Gemini Follows Coinbase’s Trail; Winklevoss Twins Affirm Going Public Is An Option January 15, 2021


Footer

News

  • Altcoin News
  • Bitcoin News
  • Blockchain
  • Tron News
  • World

Digest

  • Meet the Founder
  • Price Winning Article
  • DeFi
  • Cyber Security
  • Crypto Scam

Industry

  • Project Review
  • Technology
  • Fintech
  • Tron Exchange
  • New in Town

Tron Universe

  • Event and Tron Parties
  • New in Town
  • Tron Tokens

Follow Us

Subscribe US

Copyright © 2021 · Tron Weekly. All Rights Reserved. NOTE: Tron Weekly is an independent crypto news site that adheres to the strict journalism policy anchored on transparency, trust, and objectivity, we have no affiliation with the TRON Foundation, its founder Justin Sun or any other cryptocurrency firm.