Bitcoin Hash Rate Drop: Miners, the Halving and Coronavirus Suspected

The upcoming Bitcoin halving, miners’ capitulation and the coronavirus pandemic have all simultaneously affected the network’s hash rate. How long can it last, and what should we expect

Why is this happening?

The Bitcoin network’s hash rate is designed in such a way that it adjusts the computational difficulty of the mining process after every 2,016 blocks — which happens about every two weeks. The correlation is directly proportional: If the hash rate goes up, so does the computational difficulty and vice versa. The given measure is designed to increase the challenge of mining blocks, making the process more rewarding.

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