The hash power of the Bitcoin (BTC) network has jumped by roughly 30% over the past 24 hours, which if sustained, suggesting a major difficulty adjustment may soon be incoming. According to Coinwarz, Bitcoin’s hash rate currently sits at 157.5 exahashes per second (EX/s) after briefly pushing above 160 EH/s. As of this writing, BTC hash power has increased by 42% in two days.
The spike follows a sharp decline in hash power in late October, which many analysts attributed to the end of the rainy season in the Chinese mining hub of Sichuan. The province’s abundant and cheap hydroelectric power is estimated to attract around 80% of Chinese miners during the wet season. In December, CoinShares estimated that Sichuan accounted for 54% of global mining activity.
Quantum Economics analyst Jason Deane speculated that the sudden increase in Bitcoin hash power could be a sign that many Chinese miners have completed their migration from Sichuan and restored operations in other local mining hubs such as Xinjian and Inner Mongolia. The sudden spike in mining activity suggests the network is likely to produce another significant difficulty adjustment.
A major upward adjustment would come at the chagrin of non-Chinese miners who have been enjoying boosted profits after October’s apparent migration from Sichuan resulted in a 16% negative difficulty adjustment — the second-largest downwards adjustment in Bitcoin’s history.
# | Crypto | Prediction | Accuracy | CVIX | Price | 24h | 7d | Market Cap | 7d price change | |
1 | BTC | Bitcoin predictions | 77.6% | 44 | $70 525.33 | 0.70% | 5.43% | $1 386 981 179 605 | ||
---|---|---|---|---|---|---|---|---|---|---|
2 | ETH | Ethereum predictions | 72.4% | 48 | $3 583.61 | 0.26% | 1.36% | $430 290 504 631 | ||
3 | USDT | Tether predictions | 94.8% | 1 | $0.999635 | -0.02% | -0.06% | $104 416 071 613 | ||
4 | BNB | Binance Coin predictions | 64% | 80 | $589.01 | 2.12% | 5.70% | $88 070 231 533 | ||
5 | SOL | Solana predictions | 60.8% | 89 | $187.06 | 0.58% | -0.12% | $83 107 936 735 | ||
6 | XRP | XRP predictions | 80.8% | 31 | $0.623667 | 0.51% | 1.98% | $34 229 491 996 | ||
7 | USDC | USD Coin predictions | 90.4% | 2 | $1.000139 | 0.02% | -0.01% | $32 163 999 945 | ||
8 | DOGE | Dogecoin predictions | 66% | 68 | $0.202230 | 9.91% | 33.21% | $29 050 384 407 | ||
9 | ADA | Cardano predictions | 68% | 67 | $0.650498 | 0.27% | 2.94% | $23 144 934 461 | ||
10 | AVAX | Avalanche predictions | 59.2% | 88 | $54.55 | -0.83% | 0.04% | $20 589 908 463 | ||
11 | SHIB | SHIBA INU predictions | 57.2% | 94 | $0.000031 | 2.70% | 15.58% | $18 352 387 580 | ||
12 | TON | Toncoin predictions | 60.8% | 88 | $4.90 | 0% | 19.85% | $17 010 186 878 | ||
13 | DOT | Polkadot predictions | 75.2% | 52 | $9.55 | 0.20% | 2.00% | $13 625 592 863 | ||
14 | LINK | Chainlink predictions | 75.6% | 42 | $19.72 | 0.68% | 8.59% | $11 580 340 372 | ||
15 | BCH | Bitcoin Cash predictions | 67.6% | 60 | $562.08 | 12.44% | 30.02% | $11 062 529 244 |
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