Emiliano Grodzki is CEO and a founder at Bitfarms, one of the largest public bitcoin mining operations in the world.

What We Learned From Bitcoin’s Hash Rate Drop

Bitcoin has been riding high of late. Yet over the weekend, panic ensued following a significant drop in its network hash rate, down roughly 49%, the biggest 24-hour reduction in Bitcoin’s history.

Much is being speculated as to the cause of this, including coal mine explosions and electrical grid blackouts in the Chinese province of Xinjiang. And with a decline in Bitcoin’s hash rate, a price correction pushed its value down to a low of ~$50,000. Yet, despite the panic selling, we didn’t break the important $50,000 level. Why?

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