After the news of the collapse of Bitcoin’s hashrate on September 24th, everything is back to normal. The collapse had brought the hashrate from 98 ExaHash/s to a low of 55 to 60 ExaHash/s in just 24 hours, with a drop of almost 40% in a single day.
According to some hypotheses, the collapse in the price of Bitcoin that occurred just on September 24th in the late evening could also be linked in some way to the significant temporary drop in the hashrate, even if the times of the two collapses do not match.
It could be a pessimistic reaction of the market due to an incorrect interpretation of the drop in the hashrate, perhaps considered as a sign of bitcoin weakness. However, according to other analysts, the two collapses are not correlated.
Moreover, in the light of the new data, the collapse of September 24th appears even more anomalous. Since it was generated in only 24 hours and was completely recovered in the following 24 hours, it does not appear as a structural decline, but more likely as an episode due perhaps to some single unforeseen and unpredictable event.
One hypothesis that would explain this phenomenon is that on September 24th a large mining farm could have gone offline, causing the total computing power used for bitcoin mining to plummet in a very short time. In reality, no single mining farm currently holds 40% of the hashrate, so this hypothesis is not able to explain the phenomenon as a whole.
The fact is that any hypothesis that can be advanced must relate to an event that has been able to impact in a very significant way, but for a very limited period of time.
Finally, it must be said that the price of BTC after the collapse has so far stabilized around $8,400, which, combined with the full recovery of the hashrate, would suggest an absence of correlation between the two collapses.
However, this makes the mining business less convenient than even just a few days ago and since the hashrate is back close to its usual high, it is not to be excluded that in the coming days it may fall again.