We had a similar drop in the hash rate back in 2022, but at that time it was much more sudden and much steeper.
Is the current drop in network mining power comparable to the situation back then?
Current: September 24, 2023, 5.23 EH, dropping to July 6, 2026, 602.49 PH.
Back then: April 1, 2022, 2.38 EH, dropping to December 31, 2022, 556.66
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Now: 5.23 EH → 602.49 PH = 0.60249 EH
Drop: (5.23 − 0.60249) / 5.23 ≈ 88.5% -
Then: 2.38 EH → 556.66 PH = 0.55666 EH
Drop: (2.38 − 0.55666) / 2.38 ≈ 76.6%
Personally, I see this as a cooling-off period following the initial euphoria. Enthusiasts can start up their CKBox home miners again.