July 22, 2024

The end of the rainy season in Sichuan forces Chinese miners to turn off equipment

According to the mining pool Poolin, which recently came out on top in terms of hashrate share in the Bitcoin network,the end of the rainy season in Sichuan forces the Chinese miners to turn off the equipment.

The average Bitcoin network hash perthe last week fell to around 90 EH / s. According to the forecasts of the BTC.com mining pool, in about a week, automatic tuning of the algorithm will reduce the mining complexity by 1.5%. Recall that since the beginning of August, mining complexity increased by 38% and on October 24 reached its maximum values ​​due to the equally rapid growth of the hashrate, which jumped to a record 97.9 EH / s.

Poolin Co-Founder Hashrate Dropdue to the gradual shutdown of equipment by Chinese miners. Due to the end of the rainy season, a number of hydropower plants in Sichuan, which provided electricity to about 50% of the world's bitcoin mining, currently do not have sufficient resources. Some miners were forced to suspend mining or move to other regions with more stable but more expensive electricity.

Another reason for turning off a large numberof equipment, Bitcoin fell sharply below $ 7,500. Some miners turned off older equipment, such as AntMiner S9, since the break-even level of bitcoin mining on them is $ 7,000- $ 7,500. However, some miners try to increase the efficiency of their S9 by combining two devices into one. Despite the fact that while this gives a positive result, in the long run this method remains in question.

Note that the recent sharp rise in the rateBitcoin smoothed out a bit of panic. In addition, last month, Sichuan authorities announced that they would take measures to ensure that the region remained attractive to miners. Now in the province are concentrated more than half of Bitcoin's global mining capabilities.