There are significant drops in the hash rate of several major pools-with Antpool crashing 24.5% Binance Pool dipping 20%, BTC.com falling 18.9% and Poolin dropping by 33% according to Pool chain, according to the report of Wu Blockchain, the author of Chinese crypto newsletter, Wublock.
There is a comprehensive power outage safety inspection in the region of Xinjiang, according Wu Talk, a Chinese media outlet.
Due to a current incident at a Coal Mine in Xinjiang that saw twenty-one miners that were temporarily trapped at three different locations, the inspection, which caused the power outage became germane. While making technical upgrades, the mine was swamped in a sudden flood, which caused interruption in communication and outage in power underground and nearly 1,500 rescue personnel were deployed to the mine to assist with the emergency.
Xinjiang is a major source of global Bitcoin hash rate, with the Cambridge Bitcoin Energy Consumption Index, or BECI, estimating the region currently represents nearly roughly 36% of China’s combined hashing power. With China comprising two-thirds of global mining power, BECI estimates Xianjian to comprise 23.3% of the global hash rate.
According to Ycharts, the outages appear to have driven a roughly 2.2% drop in the Bitcoin network’s combined hash rate in the past 24 hours, which has slid from 169.4 million terahashes per second, or TH/s, to 165.8 TH/s as of this writing.