Bitcoin Hashrate Slides- Low BTC Prices, Sichuan Wet Season, Upcoming Difficu...
While bitcoin prices plummeted this week, the network’s hashrate has also dropped considerably since tapping a high on May 9. Since then, the hashrate has seen swings between 10-15% because of the crypto market downturn, alleged issues with power outages in Sichuan, China, and the upcoming difficulty change. Similar to the Price, Bitcoin Hashrate Sees Wild Fluctuations Bitcoin’s hashrate has been fluctuating in recent days after the price of BTC dropped significantly in value during the last week. After some recovery, bitcoin (BTC) market data shows that seven-day stats....
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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....
Bitcoin’s global hashrate dropped ten days ago following a coal mine accident that caused significant grid blackouts in Xinjiang, China. While initial estimates had shown more than 40% of the hashrate dropped, statistics from a five-day average show the hashpower only lost around 25%. Meanwhile, Chinese miners located in Sichuan may put more pressure on hydropower resources, as province officials have revealed electricity rates are scheduled to increase 150% this year. Sichuan Electricity Trading Division Report Notes Electrical Prices in the Region Will Increase by 150% Mining....
Analysts are anticipating Bitcoin’s second-largest negative difficulty adjustment of the year following the end of Sichuan’s rainy season. Mining data aggregators attribute a slump in Bitcoin’s hash rate to the end of the wet season in Sichuan, resulting in many miners migrating to other jurisdictions.On Oct. 26, Thomas Heller of Bitcoin (BTC) mining blog Hashr8 reported that roughly 22 exahashes per second (EH/s) of mining power had left the Bitcoin network, coinciding with the end of the season the previous day (based on weather forecasts). Kevin Zhang of mining-focused Digital Currency....
Bitcoin’s hashrate plummets to roughly 91 EH/s as Sichuan miners close up shop. Bitcoin’s hashrate has fallen to its lowest levels since early November as mining operations in China start unplugging.Bitcoin’s network hashrate, a measure of its computational horsepower, has slumped 46% since its peak level in mid-May. According to Bitinfocharts, Bitcoin hashrate is currently 91.2 EH/s (quintillion hashes per second), close to half of its 171.4 EH/s high posted less than six weeks ago.Bitinfocharts has also reported a drop in mining profitability from a peak of $0.449 USD per day per....
Most of the crypto community has been focused on the developments in China and more specifically, the crackdowns against bitcoin miners in Inner Mongolia, Xinjiang, Qinghai, Yunnan, and Sichuan. On Wednesday morning (EST), Bitcoin’s overall hashrate has continued to drop and is now below the 100 exahash per second (EH/s) region. During the last 24 hours, people acquainted with Chinese miners have been describing the latest hardships bitcoin miners are facing. Hashrate Migration Is ‘Destined to Be a Long Process’ Notices stemming from government officials in five Chinese....