Bitcoin Hashrate Nosedives as Chinese Miners Move On
The last 24-hours has seen the price of Bitcoin up 4% to $13.6k. Despite concerns of being overbought, the number one cryptocurrency continues hurtling towards key resistance at $14k. Source: BTCUSDT on TradingView.com Nonetheless, as CasaHODL Co-founder and CTO Jameson Lopp noted, despite Bitcoin’s price gains, Bitcoin’s hashrate has suffered a steep decline since the […]
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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....
The China mining ban was a godsend for Bitcoin decentralization. So far, the USA is the big winner. However, for the good of the network, it would be ideal to distribute the hashrate all over the world. How do we accomplish that in Bitcoin-land? Relying on incentives. If it’s profitable to do, and there’s the possibility to do it, Bitcoin decentralization will happen. That’s why this global cheap electricity map is such good news. "Electricity Cost of Mining 1 Bitcoin Worldwide" (click to expand) | Source: Arcane Research As you can see, low-cost electricity is available all over the....
Coinotron is way too close to 51% of the Litecoin Network Hashrate. The Litecoin Community is currently coming together to deal with one of cryptocurrency's most existential threats: that of a 51% attack. At this point, Coinotron has not attempted any sort of malicious activity. In fact, Coinotron has stated that: "I have contacted with our biggest miners. We are working on solution to mitigate risk of Coinotron's hashrate raising over 50% of LTC network hashrate." However, in the days since that message, Coinotron's hashrate has not dropped at all. For the last several days, Coinotron has....
Data shows the public Bitcoin mining companies have plans to expand their hashrate by around 50% by the end of the year, Public Bitcoin Miners To Add 27 EH/s To Their Hashrate In Remaining Part Of 2022 As per a post from Arcane Research, the combined hashrate of these miners will reach around 80.7 EH/s […]
While on the surface it seems officials from five provinces in China have been cracking down on bitcoin miners, no one is quite sure how much hashrate is moving, which pools are affected, or where these miners will end up. A number of mining pools have seen hashpower percentages decline and Bitcoin’s overall hashrate has regressed as well. On the other hand, as several known pools have lost hashrate, processing power from “unknown” pools has increased a great deal. Pool Percentages Decline, Overall Hashrate Dips Lower There have been reports stemming from officials in....