The hashrate of Chinese mining pools on the Bitcoin network plummets – Bits Media

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, who noted a significant drop in the share of hash rates of several large mining bullets over the past day. Hashrat Antpool decreased 24.5%, The share of Binance Pool fell on 20%, And BTC.com and Poolin - on 18.9% and 33% respectively.

This incident is explained by the regional shutdown of electricity in Xinjiang, What is due to comprehensive safety inspections. Local authorities began to conduct inspections after recent floods at the coal mine, during which more 20 miners were “locked” in three different places. At the place of emergency, about 1500 Rescuers.

According to the "Cambridge Bitcoin Electricity Consumption Index" (CBECI), There are about the province of Xinjiang about 36% combined hashing power for bitcoin mining in China. Considering, that China covers two -thirds of world mining capacities, then for the Xinjiang the indicator is 23.3% From the world hashrate. By
data YCHARTS, The overall shit of bitcoin decreased approximately by 2.2% For the latter 24 o'clock, from 169.4 million Tx/s before 165.8 million Tx/s.

Note, that natural factors can seriously affect the hashrate of Bitcoin networks. For example, Its decrease is affected by the end of the rain season in China, since in this case the production of electricity is reduced, and its cost increases. As a result, miners are forced to turn off the equipment or move to other regions.