The authorities of the Chinese province of Sichuan issued an order to stop supplying mining farms with electricity. Against this background, the hash rate of Chinese mining pools has dropped significantly.
Earlier, the Sichuan authorities ordered the closure of 26 mining farms until June 20. Against this background, the large pools Antpool, BTC.com and Poolin showed a decrease in hash rate from 10% to 22% since June 18. On the F2Pool and ViaBTC pools, the decline turned out to be less – within 5%. But the hash rate of the private pool 1THash, owned by the mining company Valarhash, immediately fell by 46%. Now the indicator is about 1 Eh / s, whereas at the start of the pool in 2019, the hash rate reached 10 Eh / s.
The average daily hash rate of the Bitcoin network dropped to 111 Eh / s. At the same time, before the order of the Sichuan authorities, the indicator reached 127 Eh / s. Thus, the hashrate of the network decreased by 15%.
Note that Sichuan is the “capital” of the world’s mining due to the surplus of electricity from hydroelectric power plants. However, after the May meeting of the Committee on Financial Stability and Development of China, the authorities of various provinces began to prohibit mining on their territory. Therefore, miners are trying to bring capacities abroad, including to Kazakhstan.
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