NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: Bitcoin Price Slips Below $108,000: Peter Schiff Anticipates ‘Brutal’ Bear Market, CZ Responds

Bitcoin Hashrate Bombs 30% Following Bakkt Launch, Coincidence?

Rick Delafont
Rick Delafont
1 year ago
2 mins read
hashrate bitcoin crash

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

The total cumulative power of the computer systems mining the Bitcoin blockchain has plummeted by around 30 percent today. The sudden downtrend started just before the launch of the much anticipated Bakkt platform yesterday.

Although the timing of the sudden drop seems to suggest that it may have had something to do with Bakkt, there is evidence however that major Bitcoin mining operations based in Canada and Kyrgyzstan have suffered a power outages. However, the hashrate now appears to have returned to almost its pre-flash-crash levels

Bitcoin Hashrate Plummets, But Why?

The Bitcoin network hashrate has been frequently setting new all-time highs during 2019. However, yesterday saw the total computing power mining the network suddenly drop by around 40 percent. From more than 98 million TH/s, it fell to just 57.7 million TH/s, according to data taken from Coin.Dance.

Bitcoin hashrate down by 30%. Anyone know why? Looks very unhealthy.https://t.co/WADNwZ76ui

— Emin Gün Sirer🔺 (@el33th4xor) September 24, 2019

The sudden drop in network hashing power occurred on the same day that the much-anticipated Bakkt platform, offering physically-settled Bitcoin futures, finally launched in rather lacklustre fashion. One respondent to the above Tweet by Cornell University professor, Emin Gün Sirer, stated irreverently that the two could have been linked:

my wild guess: disgruntled miners and mining pool operators when @Bakkt didn’t pump #Bitcoin to $40K 🍿😎🍺 https://t.co/11sR6qzFg3

— 𝕏C4Chaos (@c4chaos) September 24, 2019

However, this seems unlikely and there is evidence to suggest that the nation of Kyrgyzstan has cut off power to as many as 45 mining firms. Local news resource, AKIpress, reported that the mining operations were using as much power as three regions in the nation combined. Elsewhere, Squire Mining Ltd., a Canadian-based technology company has also gone offline as a result of black-outs in Kazakhstan. The lack of power is expected to last between 10 and 14 days, whilst Squire Mining’s hosting provider upgrades its systems.

For now, the exact reason for such a sudden drop in hashrate remains a mystery. According to the data from Coin.Dance, much of the rapid decline has now returned and the network currently has a combined hashrate of over 92 million TH/s.

However, the very fact that some currently unknown, potentially single cause could drop the network’s hashrate by such a significant percentage has raised issues about the overall security of the network. Sirer himself recommends that companies involved in accepting payments via Bitcoin should adjust the number of network confirmations they require before a transaction is considered final.

The number of confirmations Satoshi calculated in the whitepaper, 6, isn't some magic number. It's based on an assumption that the attacker has at most 30% of the hashrate.

If >30% of the hashrate suddenly disappears, exchanges should up the number of confirmations required.

— Emin Gün Sirer🔺 (@el33th4xor) September 24, 2019

He adds to this that if the hashrate was to fall suddenly by as much as 51 percent, then retailers and exchanges should stop accepting Bitcoin payments altogether. The professor asserts that the number of confirmations needed is directly related to the amount of hashing power on the network. The missing hashing power could be being used to attack the network and, as such, transactions should be treated as being more likely to have been double spent by the attacking entity in the event of such a sudden crash.

 

Related Reading: Bitcoin “Stronger Than Ever” as Hash Rate Sets Fresh All-Time-High

Featured Image from Shutterstock.
Tweet123Share196ShareSend
Rick Delafont
Rick Delafont

Rick Delafont

Based in Europe, Rick has written about the cryptocurrency industry since 2016. He was first drawn to Bitcoin as a means of payment but quickly became fascinated by its wider potential implications. His interests lie in the political, economic, and social impact of the unfolding digital asset revolution.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Fetch.AI CEO Offers Reward To ‘Uncover’ Ocean Protocol’s Alleged $120M FET Dump

The CEO of Fetch.AI (FET) has offered a reward to uncover Ocean Protocol’s move after the project was accused of...

Rubmar Garcia 2 hours ago
Bitcoin

Gold Rotation Impact: Bitwise Warns Bitcoin Could Skyrocket To $242,000

Following a significant rally, the valuation of gold has begun to decline. Meanwhile, Bitcoin (BTC) appears to be experiencing a...

Ronaldo Marquez 3 hours ago
Bitcoin

Bitcoin Weekly RSI Points To More Upside, But Can the Bulls Defend $107,000?

Bitcoin’s weekly chart shows promising signs of strength as the RSI continues to climb, hinting at the potential for further...

Godspower Owie 5 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

удивление

Криптобиржа Weex: как заработать на криптовалюте с бонусом до 50%

dariajz 58 minutes ago
Bitcoin Whales

Bitcoin Newbie Whales Now Sitting On $6.9 Billion In Losses, Most Since 2023

Keshav Verma 1 hour ago
Weex bonus

Burza Weex nabízí bonus až 50 % na první vklad do 100 USDT

Lenka Hanzlíková 1 hour ago

Premium Sponsors

Press Releases

  • シバコイン 今後の価格予測:大口投資家が買い増しを加速、回復基調が続き0.0000235ドル突破への勢い

    シバコイン...

    19 hours ago
  • イーサリアム 今後の展望:10億ドル規模のETH信託設立が市場に楽観ムードをもたらす

    イーサリアム...

    19 hours ago
  • ビットコイン 今後の動向:11万ドルを下回る中で進む機関投資家の買い集め

    ビットコイン...

    19 hours ago
  • パイネットワーク 価格予測:上昇期待が高まる中、次世代ビットコイン系プロジェクトはより有望な選択肢か?

    パイネットワーク...

    19 hours ago
  • ドージコイン 今後の予測:Gemini AIが示す、新世代ミームトークンの台頭

    ドージコイン 今後の予測:Gemini...

    20 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.