As announced on May 7 in the Bitmain hash rate update , the company has reduced its computational power by 88 percent over the previous month.
Lowered hash rate
Bitmain began in July 2018 to disclose the hash rate of its own miners monthly. Archived online sites show that the hash rate amounted to 1,692 quadrillion hashes per second (PH / s) in July 2018, rising to 2,339 PH / s in October 2018. As early as March 2019, the hash rate dropped below 1,700 PH / s, which is equivalent to the overall decline in the overall computing power of the Bitcoin network from four to 0.4 percent since November last year.
According to the company’s own hash power update released each month, the hash rate of all Bitmain proprietary hardware miners using the SHA-265 algorithm that powers the Bitcoin and Bitcoin Cash network is April dropped to 237.29 PH / s by May 2019. In the update from a month ago, the hash power was 2.072 PH / s.
What about Bitcoin mining altogether?
Meanwhile, the reasons for the decline in mining power at Bitmain still seem to be unclear.
Electricity and hardware costs make ambitious hobby miners usually a line through the bill. This affects above all the decentralization of Bitcoin. Mining companies like Bitmain are mostly headquartered in China and control a large part of the network. Such a high degree of centralization could trigger another hash war in the future. In addition, there is a risk that two major mining companies will disagree on the direction of Bitcoin’s software development, which in turn could lead to further spin-offs. According to Blockchain.com , Bitmain’s mining pools Antpool and BTC.com control about 30 percent of total hash power.