Did a massive Chinese power outage cause Bitcoin’s crash down to $50k?
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....
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Earlier in April, an accident at a Chinese coal mine in Xinjiang sent Bitcoin network’s hash rate plummeting 30% in a span of a day, which crippled the major cryptocurrency’s rally. Now, Bitcoin’s hash rate is suffering a similar loss as miners based in Sichuan, China face limitations on power usage. The State Grid in […]
The Bitcoin price has taken a tumble today with the Bitfinex trading outage, starting around 5 PM Eastern Time, and continuing into the night. This news follows scheduled maintenance on th 17th. Bitfinex is citing “server migration issues” as the source of the outage delaying their projected re-launch time several times while attempting to fix the problem, allowing bursts of cancellation requests through as they worked. The outage coincides with as much as a 9% drop from the $740 USD level down to $685 at it’s lowest point. Bitfinex has since come back online, and prices and volume are....
Regional reports from China detail that bitcoin miners located in certain areas in South China are running short on electricity. The country has been having massive issues with coal prices soaring across the mainland, as the Chinese government hasn’t been allowing coal carriers into ports. Because of the sweeping electrical shortages, mining activities have been threatened by emergency power rationing measures. This week, while bitcoin (BTC) prices touched all-time highs and the overall network hashrate has been soaring, reports detail that Chinese miners have had issues with....
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....
Crypto pundit Andrea has shared a 3-month scenario for Bitcoin that shows the flagship crypto could suffer a massive crash. This crash is expected to follow BTC’s rebound and an end-of-year rally to new highs. Pundit Projects Bitcoin Crash To $60,000 After Rebound To New Highs In an X post, Andrea shared an accompanying chart showing that Bitcoin could eventually crash to $60,000, with the crash expected sometime in mid-2026. However, before then, the crypto pundit predicted that BTC could still rally to new highs despite its recent crash below the psychological $100,000 level.....