No one knows the exact reason, but the fact remains: the power of Bitcoin in the last week fell from 54 quintillion hashes to 47 quintillion.
Last time at this level the power of bitcoin was in August 2018. What happened? With the move it may seem that the decline related to the closure of the pool BTCC, but the miner provided about 1% of hash rate yet. So it’s not him.
A much more plausible version looks preparing for the hard forks of Bitcoin Cash. How could it affect Bitcoin? And here is how.
Craig Wright concentrated in the hands of large mining facilities — 66% of the total network hash rate yet. They are so impressive that the miners became able to produce very large blocks. For example, Poole Wright BMG Pool generated five blocks of 32 MB. Prior to this network does not produce units larger than 21 MB.
To gain control over hasraton Craig Wright and its supporting miners moved all its power from the support of Bitcoin in the Bitcoin Cash, whereby the power of Bitcoin fell sharply.
“When we switch the hash of the BTC operation in BCH (Oh, I forgot to announce that we support Bitcoin, because mine cue more profitable), the hash of the BTC falls,” said Wright.