- The Bitcoin mining world is coming back to life after a crash in hash rate during March
The Bitcoin hash rate has risen by an astonishing 33% in just two days, rising from 91 EH/s on April 4 to 121 EH/s on 6 April. This seems to be a solid indicator that the crypto mining sector is coming back to life after a bearish March.
From the middle of February through the middle of March the price of Bitcoin crashed from over USD 10,000 to as low as USD 3,850, amid a global economic crash induced by the Covid-19 pandemic. The Bitcoin hash rate fell precipitously in March due to this, declining from roughly 140 EH/s to 80 EH/s.
Essentially, if the price of Bitcoin drops significantly, this causes numerous mining operations to become unprofitable, forcing them to close. Now, however, it seems the mining farms which turned off in March are rapidly coming back online as the price of Bitcoin rises to over USD 7,000.
The coronavirus crypto bear market of March may be one of the shortest crypto bear markets in history if this trend continues, and that may be due to anticipation for the upcoming block halving in the middle of May, which is expected to cause a Bitcoin rally.
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