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Bitcoin Hash Rate Unexpectedly Drops 40%

September 24, 2019 11:55 am by FomoHunt

San Francisco — After soaring to new heights, the hash rate of the Bitcoin network dropped 40% overnight. As more computers worldwide compete to solve the mathematical formulas required to earn Bitcoin, the hash rate, or computing power, rises. A strong hash rate is indicative of a healthy market and shows competition between Bitcoin miners. 

Several reasons for this sharp drop have been suggested, ranging from China ending subsidies for free hydro-electric power to a variance in block time rewards. At the time of writing, the hash rate had already began a recovery.