Bitcoin Hashrate Falls Due to Coal Mine Accidents in China
Main page News, Bitcoin, China

The recent drop in the BTC's hashrate could be related to several accidents in coal mines in China.

In particular, according to local news outlet Xinhuan, over the past two weeks there have been three accidents in coal mines in the Chinese provinces of Shanxi, Guizhou and Xinjiang.

Due to the seriousness of the accidents, in which a dozen people have reportedly died, coal-powered electricity plants have started to carry out safety inspections and have cut off power supply to large data centers in the area.

Subscribe to our Telegram channel to stay up to date on the latest crypto and blockchain news.

This outage has had a major impact on the Bitcoin hashrate, as while most of China's crypto mining farms run on hydroelectric power during the summer when rainfall is plentiful, most run on coal-generated electricity beyond this season.

As a result of the shutdown, the hashrate of China's major mining pools, including F2Pool, Poolin, BTC.com, Antpool and Binance Pool, has suffered a significant drop of between 10% and 35%.

Read also:
Please describe the error
Close