We have previously written that Bitcoin hashrate has decreased due to a power outage in northern China
Since April 15, this has led to a real disaster. The region is home to major mining companies. Their capacity fell by an average of 20%.
The hashrate situation directly affected the speed at which transactions were processed. The network formed a whole queue of unprocessed transactions. Users pay an increased commission to make a payment faster.
This led to an increase in transaction fees which increased the miners income. They earned about $16.736 million in the last 24 hours.
However, this situation, which turned out to be a success for working miners, turned out to be a stalemate for users. Many operations have not been added to the blockchain for 9 hours or more.
This had a negative impact on the value of Bitcoin, showing its obvious Achilles heel - excessive centralisation of mining capacity.
Analysing the price of BTC, experts still find it difficult to make forecasts. There are no obvious signs that the bull market is over.
According to Rekt Capital, in 2017 there were about five serious corrections, when the price of Bitcoin fell within 30-40%. In 2021, so far, one such unprofitable stage has been recorded 31%. Now the cryptocurrency has sagged by only 20%, and retains a bullish potential.
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