Bitmain Technologies has recently seen its bitcoin mining hashrate drop by 88%. They record as one of the largest crypto mining hardware manufacturers in the world.
The drop was revealed through a hashing power disclosure the company releases every month. As of May 7th, Bitmain’s hashrate running the SHA-256 algorithm which both bitcoin and bitcoin cash are based on – dropping from 2,072 PH/s to just 237.29 PH/s.
Bitmain manufactures equipment that it sells to others, but uses some of its machines to mine for itself. Bitmain reportedly started disclosing its hashrate back in July of last year, at a time in which it had slightly less than 1,700 PH/s. Its hashrate increased to 2,339 PH/S by October of last year, but then dropped to less than 1,700 PH/s.
The drop happened in March running into coincidence with an overall decline in the Bitcoin network’s total hashrate.
This drop affected Bitmain’s share of the Bitcoin network’s total hashrate making it drop from 4% to 0.4%, at a time in which bitcoin’s price has been recovering.