Hash power of Chinese mining pools’ crashes amid regional blackouts

Hash power of Chinese mining pools’ crashes amid regional blackouts

Due to the regional blackout to enable safety inspection, the hashing power of top Bitcoin Mining located in Northwest, China pools seems to have plummeted

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.

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