Bitcoin’s Price Has Bounced but Miners May Still Be Switching Off Post-Halving

While bitcoin is fast reversing its pre-halving price drop, some miners still look to be leaving the network.

At time of writing, the top cryptocurrency by market value is changing hands at $9,730, representing a 20% gain on the low of $8,100 observed Sunday – the day before Bitcoin underwent its third mining reward halving.

The bounce has erased more than 75% of the drop from $10,500 to $8,100 seen in the three days to May 10. 

While the price has recovered a major portion of the lost ground, the cryptocurrency’s hashrate (the total computing power dedicated to mining blocks on the blockchain) has declined to 98 exahashes (EH/s) – that’s down 27% from the high of 135 EH/s observed on Monday, according to data source bitinfocharts.com. 

The one-day hashrate often sees rapid fluctuations and provides less useful information about the broader trend. Hence, most observers prefer the seven-day average of the hashrate, which smooths out daily fluctuations. 

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