Bitcoin hash rate decreased by 14% due to seasonal migration of Chinese miners

According to data aggregator Blockchain.info, the hashrate of the bitcoin network has dropped by about 14% over the past week due to the end of the monsoon season in the Chinese province of Sichuan..

During this period, every year, most of the Chinese miners move their equipment to Sichuan in order to use cheap electricity from local hydroelectric power plants. At this time, the province is becoming one of the largest centers for the extraction of cryptocurrencies, which accounts for about a fifth of the world’s computing power..

According to Blockchain.info, since October 18, the average hash rate has dropped by 13.7% from 146.5 EC / s to 126.4 EC / s.

Bitcoin hash rate decreased by 14% due to seasonal migration of Chinese miners

Bitcoin hashrate decreased by 14% due to seasonal migration of Chinese miners

Analysts expect that the outage of some equipment will also lead to a decrease in the difficulty level at the end of this week by 7.4-8.8%. If these predictions are correct, the decline would be the second largest decrease in difficulty after the 16 percent pullback during the March crash..

text: Ivan Malichenko, photo: Shutterstock, graphic: Blockchain.info

Bitcoin hash rate decreased by 14% due to seasonal migration of Chinese miners

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