The hash power of the Bitcoin network (BTC) has jumped by about 30% in the last 24 hours, which, if sustained, suggests that there may soon be a serious difficulty to adapt.
The Bitcoin hash factor is currently 157.5 exahashes per second (EX/s) after a brief push over 160 EH/s. In the last 24 hours, Bitcoin's network has jumped by about 30%, which, if sustained, suggests that serious adjustment difficulties may soon arise. Since then, BTC hash power has increased by 42% in two days.
The jump followed a sharp drop in hash power at the end of October, which many analysts attributed to the end of the rainy season at the Chinese mining center in Sichuan.
The province's abundant and cheap hydroelectric power plant is estimated to attract about 80% of Chinese miners during the rainy season. In December CoinShares estimated that Sichuan accounted for 54% of world mining activity.
Quantum Economics analyst Jason Deane speculated that the sudden increase in the power of Bitcoin hash could be a signal that many Chinese miners have completed their migration from Sichuan and have re-established operations in other local mining centers such as Xinjian and Inner Mongolia.
The sudden increase in mining activity suggests that the network may cause another significant correction to the difficulties.
