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May 20, 2020, Blockchain.com BTC hashrate stats.

For instance, Blockchain.com statistics show the BTC hashrate is 93 EH/s on May 20. Fork.lol data shows that the hashrate has dropped even lower to just above 80 EH/s during certain periods, between May 20 until May 22. From the all-time high (ATH) on May 3, the BTC chain has lost 47 EH/s so far or roughly 33% since the ATH.

The BTC network difficulty also dropped by 6% on May 20, 2020, and whenever the difficulty drops it can be attributed to miners leaving the network. Additionally, the price of BTC has dropped from a high of $9,900 to a low of 9,100 on May 22. When the price of BTC drops lower in value it makes it more difficult for miners to prosper. Even the first signs of miners dropping off the network, meant a downward adjustment was in the cards for BTC’s overall mining difficulty. Today there are 17 known mining pools processing blocks on the BTC network. The top five BTC mining pools include F2pool, Poolin, Antpool, Btc.com, and Okex. F2pool on May 22, 2020 shows that it currently commands 27% of the BTC network hashrate.

he Chinese company cut prices of its ASIC-based machines by over 50% in an effort to improve sales, but that wasn’t enough to prevent the heavy loss. Demand slumped as the coronavirus pandemic, which disrupted the movement of goods worldwide, took its toll.

Shares of Canaan fell as much as 3.51% to $3.85 on the Nasdaq Stock Exchange, at Press time. The stock has tanked from a 52-week high of $13

For the period January to March, revenue climbed 45% to $9.4 million from $6.6 million the previous year, driven by a 19% increase in total computing power sold.

According to Canaan’s earnings release published on Friday, the firm sold 0.9 million terahash per second (TH/s) of Bitcoin hashpower, up from 0.7 million TH/s in the same period in 2019. This year’s terahash sales account for about 1% of the BTC Transfer bitcoin to bank network’s current total.

Canaan chief executive officer Zhang Nangeng told analysts in an earnings call that: “The overall market situation since December last year until January had not been too good. So the unit price per TH/s was indeed lower.” He added:

In the review quarter, research and development expenses rose to $5.9 million from $4.38 million previously, said the firm. Canaan reported cash and cash equivalents of $37.3 million for the March quarter, down from $72.3 million at the end of December last year.

“The decrease was mainly due to higher short-term investments as the company invested $24.5 million in short-term investments as of March 31, 2020,” it said.

Canaan, which has a market value of $603 million, did not issue second-quarter forecasts citing the uncertainty created by the coronavirus and the recent third halving of Bitcoin.