Cryptocurrency
Bitcoin hash rate drops over 10% as Chinese miners migrate to fossil fuel plants
Bitcoin hash rate drops over 10% as Chinese miners migrate to fossil fuel plants: As reported on at The Block, “Bitcoin’s 7-day rolling average hash rate has dropped by over 10% since earlier this month — in large part thanks to the change in season. The average total computing power competing to mine Bitcoin was […]
Bitcoin hash rate drops over 10% as Chinese miners migrate to fossil fuel plants:
As reported on at The Block, “Bitcoin’s 7-day rolling average hash rate has dropped by over 10% since earlier this month — in large part thanks to the change in season.
The average total computing power competing to mine Bitcoin was around 142 exahashes per second (EH/s) for the first two weeks of October, according to data from BTC.com. But since October 18, the 7-day rolling average of Bitcoin’s hash rate has declined by 11% to the current 126 EH/s. Meanwhile, Bitcoin’s price rose above $13,000 during the same period.
One major reason behind the recent drop in computing power is the season change in China, home to more than 70% of the network’s mine operators.
‘The hydro season has ended and now starts a month-long flat water season,’ Kevin Pan, co-founder of PoolIn, said in a Weibo post on Monday. ‘A grand migration has now begun with miners looking for fuel-based power plants before the winter dry season arrives.’
The computing power connected to major China-based bitcoin mining pools, including PoolIn, F2Pool, BTC.com and AntPool, each dropped by nearly 20% in 24 hours since Sunday, Pan’s Weibo post further shows…”