Since the 15th. In April, the hashrate of the bitcoin network dropped by more than 49 percent after reaching a record 218 exahashes per second. According to regional reports, there were power cuts and security checks in China’s Xinjiang region.
reports claim that the power outage in Xinjiang, China, has caused the bitcoin hashrat to drop by 49%
At the time of writing, the Bitcoin (BTC) network is down 49% after hitting its all-time high (ATH). The data shows that the hashrate of BTC is at 15. April reached a massive 218 exahash per second (EH/s).
Almost immediately after, the network’s hashrate began to plummet. As Hashrat began to count down, regional reporter Colin Wu (@wublockchain) tweeted about China’s power grid outage.
The hashrate of bitcoin mining pools collapsed in 24 hours. Antpool is down 24.5%, Btc.com is down 18.9%, Poulin is down 33%, Binance Pool is down 20%, Wu tweeted. The reason is that there is a total blackout for security checks in northwest China.
Primitive Crypto’s founding partner, Dovey Wan, also spoke about the outage the next day. In Xinjiang, a major power outage occurred due to an explosion in a coal mine, Wang said. Bitcoin hashrate immediately drops by nearly 30%….. You should be recovered within a week. All the data centers are also closed, she added.
Xinjiang [and] Sichuan together account for more than 50 percent of total [Bitcoin] throughput. I hope [we] will have a more distributed hashrate in the future for sustainability.
Next week’s data could provide an estimate of Hashrat Xinjiang’s share of.
The co-founder of blockchain data aggregator Coinmetrics.io, Nick Carter, also tweeted about the situation in China and the drop in hashrate.
The Xinjiang grid is falling, and its impact on the bitcoin hashrate is what economists call a natural experiment. A] is a very useful data source. Xinjiang is largely coal-based, but not alone. Huge amounts of wind and solar power – 35% renewable energy from 2019. The largest share of renewable energy of any Chinese province (after Gansu and Ningxia) (for the purposes of this data ≠ renewable energy).
Carter added that next week’s fall could show Hashrat’s importance in the region. He said:
Based on next week’s data, we can estimate Xinjiang’s share of the BTC [network] (assuming we are sure the entire network is down – which is hard to say based on scattered reports).
The price and velocity of hashish have always been correlated.
Here is the price of BTC compared to today’s hash rate collapse (due to the Xinjiang outage) pic.twitter.com/mywEZLHlA0
– Willie Wu (@woonomic) April 18, 2021
Meanwhile, many say that price dumping correlates with hashrate decline. Larry Cermak, director of research at The Block Crypto, disagrees that the loss of the hash bar is so easily blamed. LOL if you think you’re falling through the hashrate ngmi, Cermak said in response to Willie Wu’s tweet.
For those looking for an explanation : Corrections are of course after massive overclocking. A weekend of low liquidity is perfect, a stupid catalyst scares traders and we fall. The markets bet on Coinbase, and that too ended in disappointment. No wonder, adds Cermak.
Network prices rise and price starts to follow Hashrat on Sunday night
The conversation around Hashrat BTC has become a hot topic on social media and forums. Compass Mining and CBO co-founder Thomas Heller also shared the cause of the mining accident.
Mining in Xinjiang closed for inspections this morning – the Hashrat network in most of China’s mountainous regions has shrunk significantly, Heller wrote. This was due to an accident in a coal mine in Xinjiang earlier this week, he added.
At 11 p.m. EST on Saturday, the price of bitcoin fell to a low of $51,541, but recovered some losses during the morning session on Sunday. At the time of publication, at 7:30 this morning. (EST), bitcoin (BTC) is down 10% and trading at $54,848 per unit. The entire crypto economy has lost more than 8% since 11am last night.
What do you think of the 49% drop in bitcoin hashrate this weekend? Let us know what you think in the comments below.
Tags in this story
Bitcoin (BTC), Bitcoin Mining, BTC, BTC Mining, China, coal mine, Colin Wu, Compass Mining, Dovey Wan, mining, nic carter, Sichuan, Thomas Heller, Wu Blockchain, Xinjiang China, Xinjiang Province
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