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Electricity problems in China lead to a decrease in bitcoin hashrate

Coal mines in China have experienced a series of incidents, one of the consequences of which was a decrease in the amount of computing power on the bitcoin network. According to the official news agency of the PRC government, Xinhua, there have been three such incidents in the past two weeks, caused by gas explosions and floods. In the course of the incidents that took place in Xinjiang and Guizhou over the past two days, 12 people died, 21 were blocked.

The incident attracted considerable attention of the relevant authorities, the newspaper adds. As a result, on-site checks were organized regarding the security measures taken, and the supply of electricity to large data centers was cut.

During the rainy season in China in the summer, most bitcoin miners use hydropower in its rich regions. From October to May, most of them move to the northern provinces, including Xinjiang and Inner Mongolia, to mine cryptocurrency. According to the University of Cambridge, Xinjiang now accounts for about a quarter of the world’s Bitcoin hashrate.

The founder of the Chinese exchange AEX said that “the large data centers in Xinjiang, in fact, have all been de-energized to carry out safety-related work in the mines.”

“The data centers are expected to resume in about a week,” he added.

Over the past 24 hours, the hashrate of major Chinese bitcoin mining pools, including F2Pool, Poolin, and Antpool, has dropped by 10-35%, according to data. The current changes have so far found only a slight reflection on the charts of the total bitcoin hash rate. The average block time on the network is now 9 minutes 14 seconds. It can, however, increase if the problem is not quickly resolved or if miners are not lucky enough to find suitable values ​​to add blocks. Bitcoin mining difficulty was recalculated last night and climbed to another high of 23.58 T.

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