New research from Galaxy Digital suggests that up to 20% of the cryptocurrency’s current hash rate could go offline. This reduction is expected to impact eight specific ASIC mining machine models, leading to a drop in the network’s overall hash rate. By the end of 2023, over 70% of Bitcoin’s hash rate was being generated by just eight ASIC miner models. According to the paper, these models are susceptible to fluctuations in Bitcoin price and transaction fees. As a result, between 15% to 20 per cent of the hash rate produced by these ASIC models could go online post-halving.
Source: Wayne Jones, 2024-02-17; https://cryptopotato.com/will-bitcoins-hash-rate-drop-by-20-ahead-of-next-halving-research/