Baite, one of the largest mining pools in China, has significantly reduced its hashrate recently.
A local publication reported on April 6 the hashrate of the Valarhash-owned Chinese mining pool Baite decreased significantly from 4,000 to 200 petahashes per second in early March. This reportedly reflects the company has decided to stop mining Bitcoin and focus on other cryptos.
Valarhash launched two Bitcoin mining pools, Bytepool and 1THash, along with the cloud mining platform 1TMine and the mining pool management software Nelson in July 2019 in Sichuan, China.
These two mining pools represented over 9% of the total hashrate of the Bitcoin network.
The mining industry is going through hard times, as the coronavirus pandemic has forced a large number of Chinese companies to shut down.
In addition, as a result of the declining profitability of mining, several ASIC devices makers have been forced to lower the prices of their equipment in an attempt to catch the miners' interest.
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