Chinese mining pools’ hash power plummets amid regional blackouts
Blackouts for safety inspections in China’s Xinjiang region have significantly impacted the hash rate of many top Chinese Bitcoin mining pools. The hashing power of top Bitcoin mining pools located in Northwest China appears to have plummeted due to a regional blackout to enable safety inspections.The news was reported by Wu Blockchain, the author of Chinese crypto newsletter Wublock, who noted significant drops in the hash rate of several major pools — with Antpool crashing 24.5%, Binance Pool dipping 20%, BTC.com falling 18.9% and Poolin dropping by 33%. The hashrate of Bitcoin mining....
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Local news outlets have tied a recent dip in the bitcoin mining hash rate to government-instituted blackouts in China.
It appears many Chinese miners have completed their annual migration from Sichuan, with Bitcoin’s hash rate spiking more than 40% in two days. The hash power of the Bitcoin (BTC) network has jumped by roughly 30% over the past 24 hours, which if sustained, suggestsg a major difficulty adjustment may soon be incoming.According to Coinwarz, Bitcoin's hash rate currently sits at 157.5 exahashes per second (EX/s) after briefly pushing above 160 EH/s. As of this writing, BTC hash power has increased by 42% in two days.Bitcoin hash rate 1-month chart: CoinwarzThe spike follows a sharp decline in....
On-chain analyst Willy Woo argues a massive power outage in Chinese mining hub Xinjiang drove Bitcoin’s violent crash down to $50,000. Woo noted reports identifying the blackouts were published late last week, with the power outages occurring to facilitate safety inspections in response to a recent flooding accident at a local coal mine that saw 21 miners temporarily trapped underground after power and communications went down.According to the Cambridge Bitcoin Energy Consumption Index, or BECI, Xinjiang represents nearly one-quarter of the global hash rate.The analyst notes yesterday saw....
A country where Bitcoin once looked primed to flourish is now attempting to scapegoat the cryptocurrency. As blackouts and police raids roil the upstart Iranian Bitcoin mining industry, a match between a permissionless currency and a country throttled by inflation that once seemed like a perfect fit is now being called into question. As Cointelegraph has previously reported, Iran joins Pakistan as a cryptocurrency superpower in the Middle East, owing in part due to cheap, heavily subsidized electricity prices, as well as a boost in activity following an approval of Bitcoin mining as an....
Bitcoin’s mining difficulty increased by 16.6 percent over the weekend, signaling that the network’s overall hash rate has also increased by a similar amount over the past two weeks. The network’s total estimated hash rate has essentially doubled since the middle of October. A large chunk of this increase has taken place over the past month, where the hash rate has increased by more than 50 percent. The network hash rate is the total amount of computing power pointed at the Bitcoin network. Pools That Saw Their Share of Total Hashing Power Increase. It’s difficult to know where exactly....