The hashrate of Chinese mining pools on the Bitcoin network plummets

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The hashing power of the leading Bitcoin mining pools has dropped sharply due to a power outage in China’s Xinjiang province after a mine flooded.

This was reported by local media, which noted a significant drop in the share of hash rates of several large mining pools over the past 24 hours. Antpool’s hash rate dropped 24.5%, Binance Pool’s share fell 20%, while BTC.com and Poolin’s share fell 18.9% and 33%, respectively.

This incident is attributed to a regional power outage in Xinjiang, which is related to the conduct of comprehensive security checks. Local authorities began conducting inspections following a recent flood in a coal mine, during which more than 20 miners were “trapped” in three different locations. About 1,500 rescuers were dispatched to the scene of the emergency.

According to the Cambridge Bitcoin Electricity Consumption Index (CBECI), Xinjiang accounts for about 36% of the aggregate hashing power for bitcoin mining in China. Considering that China covers two-thirds of the world’s mining capacity, then for Xinjiang the figure is 23.3% of the world hash rate. By
data Ycharts, Bitcoin’s total hash rate has dropped by about 2.2% in the last 24 hours, from 169.4M TH / s to 165.8M TH / s.

Note that natural factors can seriously affect the hashrate of the Bitcoin network. For example, the end of the rainy season in China affects its decline, because in this case, electricity generation is reduced and its cost increases. As a result, miners are forced to turn off equipment or move to other regions.

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