Bitcoin Mining Hit Hard: 10% Hashrate Loss Linked To China Shutdowns
According to a post by former Canaan (a Chinese tech company) executive Jianping Kong, Bitcoin’s estimated hashrate fell roughly 10% in a single day, sliding from about 1,053 TH/s to just under 943 TH/s. Related Reading: Binance And HTX Get Regulatory Nod To Operate In Pakistan – Details Kong said the decline equated to roughly […]
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The loss due to internet shutdowns last year is estimated to be $2.4 bln. While internet access is taken for granted in today's connected world, various governments across the world have imposed internet shutdowns. Costly Government Intervention. According to research by The Center for Technology Innovation at Brookings, shutdown of the internet, primarily short-term, by governments have caused an estimated loss of $2.4 bln last year due to loss of economic activity alone. If the secondary impact such as loss of investors, consumer confidence, taxes, etc. of internet shutdowns is....
The hashrate of the Bitcoin network has been steadily falling since June 14 and after Sichuan miners were told to prepare operation shutdowns. Sichuan is the second-densest province in China where most miners are located, according to data stemming from the University of Cambridge. Bitcoin’s hashrate is now hovering just above 100 exahash per second (EH/s). Bitcoin Hashrate Keeps Falling as Sichuan Farms Shut Down Operations The hashrate of the Bitcoin network has been steadily falling. The cause of this seems to be the shutdown of several cryptocurrency farms in various provinces....
BTC China has announced that its new mining pool, which launched just five weeks ago and is exclusively Chinese, has already generated over $1.2m in bitcoin. The company said that as of 28th November, the pool had mined 3,325 BTC, or $1,226,758.75 according to the CoinDesk USD Bitcoin Price Index at the time of writing. Blockchain's Hashrate Distribution Chart ranks the BTC China pool 7th-largest overall, contributing around 13.9 PH/s, or 5% of the world's bitcoin hashing power. An estimation of hashrate distribution amongst the largest mining pools. Source: Blockchain. The firm says it....
China has the largest concentration of bitcoin miners worldwide with estimates noting the country captures anywhere between 50-65% of the global hashrate. Xinjiang, the autonomous region of the People’s Republic of China, ostensibly accommodates 35% of the hashrate. This week a regional report from China and statements from the head of operations at Genesis Mining, indicate that Chinese miners are migrating from the area to Nordic countries like Sweden and Norway. Just recently, news.Bitcoin.com, reported on the electrical issues in China that bitcoin miners in the country are....
On-chain data shows the 30-day moving average of the Bitcoin mining hashrate is close to setting a new all-time high. Bitcoin Mining Hashrate (30-Day MA) Has Surged Up Recently As pointed out by an analyst in a CryptoQuant post, the BTC mining hashrate has been moving higher in recent days. The “mining hashrate” is an […]