News

Bitcoin mining pools saw decreases in hash rate Post halving

Bitcoin’s third block reward halving occurred at 19:23 UTC on May 11, cutting the block reward to 6.25 BTC from 12.5 BTC. The first block in the new mining cycle was mined by Antpool, the second-largest mining pool by total computing power per the BTC.com Pools’ Hashrate Rank. 

Advertisement Miners Garden

More interestingly, the current largest mining pool, F2Pool, mined the last block (629,999) before Bitcoin’s third halving and added The New York Times Headline “NYTimes 09/Apr/2020 With $2.3T Injection, Fed’s Plan Far Exceeds 2008 Rescue” to the block. 

This message is a tribute to Satoshi Nakamoto, who wrote The Times’ front-page headline in Bitcoin’s genesis block in 2009, which read: “The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.” 

Like the other Impacts post bitcoin halving , even the 15 largest largest mining pools all experienced a decrease in its hash rate in the last 24 hours, with pools losing more than 30 percent of its hashrate. 

Bitcoin’s third halving has been impacting miners’ earnings. At present, the Bitcoin price and fixed mining costs remain unchanged — so the income of miners is cut nearly in half. 

Moreover, Bitcoin hashrate is now about 120EH/s, as of press time (11:00 UTC). It has dropped significantly from its 24-hour high of 148EH/s. 

To sum up, the third halving is a severe test for BTC miners in the long run. Their return on investment has been largely decreased. Small miners may simply be out of the game soon and some of them are said to have shut already. 

Looking back at the last 24-hour price change , Bitcoin first pulled up seven percent and then dropped nearly nine percent.

It bottomed out before the halving occured. As of press time, Bitcoin is trading at $8,903.59 and is up 2.23%. 

BTC Price was previously in the consolidation area. An intra-day support level is sitting at $8,250 and mid-term support is near $7,700. The intraday resistance area to focus on is around $8,850. Going forward with new engagements to bitcoin the bitcoin price is aimed to hit $10,000 soon.

Tags
Show More

Mustafa Mulla

Mustafa has been writing about Blockchain and crypto since many years. He has previous trading experience and has been working in the Fintech industry since 2017.

Related Articles

Back to top button

footer-banner
Close
Close