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Analysis

The hash rate of bitcoin miners in China continues to decline due to the influence of the Si Xu province

June 19, 2021 - Around 2 mins mins to read

Chinese miners’ bitcoin hash rate saw a sharp decline after Sichuan Province ordered the national power grid to cut power to 26 miners in the province.

The hashrate of Bitcoin miners in China continues to decline due to the influence of Sichuan Province
The hashrate of Bitcoin miners in China continues to decline due to the influence of Sichuan Province

Data from BTC.com shows that almost all of the 15 largest Bitcoin mining pools by real-time computing power have seen significant drops in hashrate over the past 24 hours, with some drops to 46%.

These pools, with the exception of Foundry USA, Slushpool and SBI Crypto, are either based in China or are a subsidiary of a cryptocurrency exchange serving investors and mining customers in China such as Huobi. , OKEx and Binance served.

Among the five largest Bitcoin mining pools, Antpool, BTC.com and Poolin have seen hashrates declined between 10% and 22% since June 18. The declines at F2Pool and ViaBTC are quite mild at less than 5%. . 1Thash, Valarhash’s private mining pool based in Sichuan, has seen a massive drop of up to 46% in 24 hours, with real-time hashrate (PH / s) now dropping to around 1,000 petahashes per second. When the mining company launched its own pool around 2019, it was over 10,000 PH / s.

The hashrate of bitcoin miners in China continues to decline due to the influence of Sichuan Province 5

What do these numbers mean?

The Bitcoin network’s overall average hash rate is currently around 111 exahashes per second (EH / s), up from 127 EH / s a ​​seven-day moving average prior to the decision by Sichuan Province.

According to a video shared by 8BTCnews, miners have started dismantling the equipment in preparation for the “move”.

It remains to be seen whether the hashrate will increase after Sunday, as June 20 is the order deadline for these 26 Bitcoin mining rigs.

As reported by TinTucBitcoin, in addition to the 26 mining facilities mentioned – most of which are located in state-approved industrial parks – there are also a considerable number of smaller mining facilities that are operated as part of their operations using privately generated hydropower.

Sichuan’s order to shutdown comes more than a week after the Xinjiang government ordered that power plants in the Zhundong Economic and Technological Development Zone be shut down on June 9.

Xinjiang and Sichuan have been and are the two major Bitcoin mining hubs in China and around the world due to their abundant hydropower and fossil energy resources.

Synthetic TinTucBitcoin

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Analysis

The hash rate of bitcoin miners in China continues to decline due to the influence of the Si Xu province

Chinese miners’ bitcoin hash rate saw a sharp decline after Sichuan Province ordered the national power grid to cut power to 26 miners in the province.

The hashrate of Bitcoin miners in China continues to decline due to the influence of Sichuan Province
The hashrate of Bitcoin miners in China continues to decline due to the influence of Sichuan Province

Data from BTC.com shows that almost all of the 15 largest Bitcoin mining pools by real-time computing power have seen significant drops in hashrate over the past 24 hours, with some drops to 46%.

These pools, with the exception of Foundry USA, Slushpool and SBI Crypto, are either based in China or are a subsidiary of a cryptocurrency exchange serving investors and mining customers in China such as Huobi. , OKEx and Binance served.

Among the five largest Bitcoin mining pools, Antpool, BTC.com and Poolin have seen hashrates declined between 10% and 22% since June 18. The declines at F2Pool and ViaBTC are quite mild at less than 5%. . 1Thash, Valarhash’s private mining pool based in Sichuan, has seen a massive drop of up to 46% in 24 hours, with real-time hashrate (PH / s) now dropping to around 1,000 petahashes per second. When the mining company launched its own pool around 2019, it was over 10,000 PH / s.

The hashrate of bitcoin miners in China continues to decline due to the influence of Sichuan Province 5

What do these numbers mean?

The Bitcoin network’s overall average hash rate is currently around 111 exahashes per second (EH / s), up from 127 EH / s a ​​seven-day moving average prior to the decision by Sichuan Province.

According to a video shared by 8BTCnews, miners have started dismantling the equipment in preparation for the “move”.

It remains to be seen whether the hashrate will increase after Sunday, as June 20 is the order deadline for these 26 Bitcoin mining rigs.

As reported by TinTucBitcoin, in addition to the 26 mining facilities mentioned – most of which are located in state-approved industrial parks – there are also a considerable number of smaller mining facilities that are operated as part of their operations using privately generated hydropower.

Sichuan’s order to shutdown comes more than a week after the Xinjiang government ordered that power plants in the Zhundong Economic and Technological Development Zone be shut down on June 9.

Xinjiang and Sichuan have been and are the two major Bitcoin mining hubs in China and around the world due to their abundant hydropower and fossil energy resources.

Synthetic TinTucBitcoin

You may be interested in:

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