Despite some people freaking out, the hashrate has actually increased pretty significantly in the last week. It's now at about 100 EH/s while about 5 days ago it was at ~93 EH/s. The hydro season is starting in China and electricity/hosting is getting cheaper
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Seems like an odd point--"don't freak out, hashrate is now higher than it was at some other point when it was really low recently".
1) why is lower hashrate bad? Could that just be the obvious implication of the halving?
2) the only reason it can be up now is because it was down
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The point was that it dropped significantly up until 4-5 days ago. As much as 30% since pre-halving. And now it started to recover despite BTC price falling slightly. That likely shows that miners are either receiving new shipments of current-gen or that electricity is cheaper
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True--but why would people be freaking out in any case? And what would you expect to happen through the halving? If anything it seems like we should freak out if hashrate *doesn't* drop because that means that something's fucked up or inefficient?
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It’s an expected consequence, but all else equal you’d prefer high hashrate to low hashrate because it means the network’s security spend is higher.
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Sure--I guess the narrative just seems a bit off to me