Two good news at once for the cryptocurrency space came this Thursday. Bitcoin miners in China are being reconnected to power supplies, and Coinbase cryptocurrency stock exchange shares will not be removed from the German trading platform.
Miners in Xinjiang have begun to gain access to the grid today, The Block reports, citing the owners of several local farms. The changes have not yet affected all enterprises. Since the outage took place over a wide area, it will take time before the electricity supply is carried out at the same level.
“The mining farms in Xinjiang are gradually connecting and the devices are back online from today. It has already begun, “Thomas Heller, former director of China’s F2Pool and now head of business development at mining company Compass, wrote on Twitter.
The hash rate reduction is currently estimated at 13%. On Wednesday it was 20%. Over the past time, foreign competitors of Chinese miners, such as Slushpool and Foundry USA, have managed to increase their share in the total computing power of the bitcoin network. So, the estimated hash rate of the latter increased by 30%.
The problems with Chinese miners became known at the end of last week. They were triggered by checks at local coal mines following several flooding and gas explosions that killed and blocked people. The areas of miners were not affected by these phenomena in themselves, but they were forced to turn off the equipment due to the general cessation of the supply of electricity to large data centers. Initially, it was assumed that the checks would last about a week.
“China is now in a dry season, so the majority of miners (> 80%) are still based in Xinjiang,” said Mustafa Yilham, head of overseas business development at mining firm Bixin. – Thus, if 80% of miners in China as of last week were in Xinjiang and 80% were disconnected, and the influence from this only spread to 20-25% of the network, this means that currently 32 -40% hash rate “.
It also became known today that the shares of the Coinbase cryptocurrency exchange, which were supposed to be removed from the Xetra trading platform and the Frankfurt Stock Exchange due to an error in the assignment of the LEI identification code, will continue to trade as before. The delisting was supposed to take place after the end of the trading session on Friday, but Coinbase provided the correct LEI, so it is no longer necessary.
“We are aware of an administrative error that caused Coinbase to resubmit certain documentation to certain European stock exchanges,” a company spokesman said. – There were no stoppages in trading in Coinbase stock. We are working to solve this problem as soon as possible. ”
Ark Investment Management, meanwhile, continues to ramp up its holdings in Coinbase shares for the fourth day in a row. On Wednesday, it acquired 244,717 shares of COIN for a total of $ 76.3 million. Prior to that, Ark managed to invest over $ 350 million. Trading on Wednesday ended with a decrease in COIN by 2.77% around $ 312.
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