Hash Rate of Bitcoin Mysteriously Crashed 40%
Bitcoin’s hash rate fell as much as 40% on September 23, in an unexpected shock for the network. From more than 98,000,000 TH/s, the hash rate plummeted to 57,700,000 TH/s.
However, the reason for the decline remains unknown and is all the more striking. And this was because of the record-breaking string of new all-time high hash rates of Bitcoin network during summer.
Aside from that, having a higher hash rate means greater competition with miners to validate new blocks. And it also increases the number of resources needed for performing a 51% attack. As a result, this made the network more secure.
Fortunately, the hash rate of Bitcoin is slowly recovering from its loss.
Similarly, Bitcoin, back in November 2017, experienced an unforeseen hash rate downturn of nearly 50%. At the same time, slow transaction processing times, a price dip, and minor’s momentary switch over the forked network, Bitcoin Cash (BCH), accompanied the matter.
GainChain in Uniting Coffee Industry
Meanwhile, backed by Medici Ventures, agricultural startup GrainChain aims to unite the coffee industry of Honduras. And it will make this possible by delivering its blockchain platform to a network of local stakeholders.
Then, based on a press release, the firm already signed several agreements. And it plans to unite the entire coffee supply chain of Honduras together on its blockchain platform.
Furthermore, coffee has been one of the major export products in Honduras. And GrainChain intends to facilitate multiple processes in the country’s coffee supply chain. To be more specific, GrainChain assured to meet three primary goals – growing trust between farmers and banks, improving the accuracy of data, and raising the transparency.
Then, GrainChain will also give local customers a digital wallet to enable remote and unbanked farmers to apply for loans. And Banks can use GrainChain loans for small and medium-size farmers. On the other hand, insurance firms can use GrainChain to automate records.
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