The prolonged rainy season in Sichuan has led to a sharp drop in the hash rate of the largest Chinese mining pools. More than half of the computing power used for bitcoin mining is currently concentrated in this region.
Since last week, the region has been raining heavily, which has already led to failures in the supply of electricity to mining farms.
Some hydroelectric power plants have been forced to drastically reduce their capacity to minimize the threat of flooding. At the same time, there are problems with the Internet connection, said the CEO of the Poolin Kevin Peng.
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According to him, many mining farms were forced to stop mining cryptocurrency. That led to the fact that the share of big Chinese mining pools in the bitcoin hashrate decreased by 10-20%.
Pools such as F2pool, Poolin, as well as Antpool and BTC.com have suffered losses in the past 24 hours. Note that these miners control about 50% of the BTC hashrate.
As a result, after a jump above 129 exaches per second (EH/s), the hash rate of the bitcoin network began to fall. The decrease per day was almost 10%, according to BitinfoCharts. Now, this figure is about 117 EH/s.