The hashrate for cryptocurrency has seen a decline, after blackouts across the Xinjiang province of China , which stalled the operations in Xinjiang and with the transaction fees, the network congestion has spiked
Currently. a low priority transaction on Bitcoin’s networks has a cost of 145 sat/vB ($11.20) and a high priority 246 sat/vB ($19.0 and a fee inferior to 19 sat/vB is had by purgeable transaction , in contrast, a high-priority transaction before the incident has an average cost of 100 sat/vB, more or less, in periods of high congestion.
Data from CryptoQuant indicates fees paid to BTC miners have risen considerably over the past week. The chart below shows miners have made over $15 million in this period. The power outage in China has reduced the hashrate by about 20%.
As a result, mining pools in other parts of the world have benefited. The United States seems the biggest winner. The founder of the Digital Currency Group, Barry Silbert, announced via his Twitter handle that BTC mining pool Foundry managed to climb to the 5th position in the top 10 with 7.6% of the total hashrate. Silbert said “Bitcoin hashrate is quickly shifting from China to North America.