Bitmain Hashrate Is Down, Dropping A Lot This May

In the latest cryptocurrency news, we have the Chinese cryptocurrency mining giant with its hashrte which is dropping over the past 30 days. The Bitmain hashrate is down noticeably, coming as a result of the company’s hashrate disclosure update as of May 7.

In it, we can see the data of the Bitmain hashrate and how it is linked to all of the Bitmain-owned hardware. Updated every 30 days, this hashing algorithm is named SHA256 and is used in the Bitcoin (BTC) mining network. As the stats show, it has dropped significantly – going from 1,692.35 quadrilion hashes per second (PH/s) in March to a number of only 237.29 PH/s this month – marking a noticeable downturn in the company’s Bitcoin mining power.

If we get these numbers and compare them to the ones seen last year (July 2018), we can see that the Bitmain hashrate (SHA256) was 1,692.05 PH/s with an upstick to 2,399.21 PH/s three months later – in October. As reported by many best cryptocurrency news sites, this noticeable downgrade is definitely worthy of mentioning it in the breaking news.

As we previously reported, the two mining pools that are operated by Bitmain, Antpool and BTC.com all contribute to almost 23% of the total hashing power of the entire Bitcoin mining pool (data pulled in January 2019). That said, the Bitmain hashrate has a significant part in the total hashrate.

What’s interesting is the fact that six months ago, the company’s mining pools represented 41% of the market share which meant that the share has been steadily declining. In February this year, another report featured in the coming altcoin news showed that mining became more decentralized and continues to diversify. However, at the time, the largest stakeholder was Antpool at 16.4% of the total market.

The Bitmain hashrate drop may be linked to the release of the new mining hardware which was hinted in late March. However, the market expected to see the very opposite of this scenario – and see the hashrate increase instead of decreasing. As the hint showed, the reward size will decrease from 12.5 BTC to 6.25 BTC with the new mining hardware, which leads many to believe that there will be a Bitcoin price surge ahead of the halving – possibly beginning around June 2019.