Data from BTC.com shows that almost all of the top 15 bitcoin mining pools in terms of real-time computing power are seeing a noticeable drop in hash rate over the past 24 hours at the time of writing, with some reaching 46%.
These mining pools, with the exception of Foundry USA, Slushpool, and SBI Crypto, are either China-based pools or a subsidiary of a crypto exchange that caters to China-based investors and mining clients such as Huobi. , OKEx and Binance.
Of the top five bitcoin mining pools, Antpool, BTC.com, and Poolin have seen a 10% to 22% drop in real-time hash rate since June 18. The drop on F2Pool and ViaBTC seems to be relatively moderate with less than 5%. . 1Thash, the private mining pool of Valarhash, based in Sichuan, saw a whopping 46% drop in 24 hours with now around 1,000 petahashs per second of real-time hash rate (PH / s). When the mining company launched its own pool around 2019, it had over 10,000 PH / s.
The one-day average of the Bitcoin network’s total hash power is now around 111 exahashs per second (EH / s), down from the 127 EH / s seven-day moving average level before the event news from Friday.
The hash rate drop in Chinese bitcoin mining pools follows the Sichuan government’s June 18 order that required the local state-owned power grid to cut off supply to 26 mining farms at the latest June 20.
It also forced local electricity providers to expand their inspection and shut down all other mining facilities that use hydropower provided by the national grid or directly from small private power plants.
It remains to be seen whether the drop will amplify after Sunday, as June 20 is the deadline for the order to shut down the 26 specified bitcoin mining facilities.
As The Block reported, in addition to the 26 named mining facilities – most of which reside in government-sanctioned industrial parks – there are also a significant number of small facilities that operate under the radar of the government and the State Grid using hydropower produced by the private sector which bypassed the State Grid as a distribution intermediary.
The Sichuan shutdown order came just over a week after the Xinjiang government ordered power plants in the Zhundong Economic and Technological Development Zone to shut down mining facilities by June 9.
The measures are the direct result of a high-level commentary raised at a meeting of the Chinese State Council last month on cracking down on bitcoin trading and mining activities.
Chinese bitcoin mining pools have already seen their mining customers go offline on a large scale since Xinjiang’s order on June 9.
Bitcoin miners that were operating until June 9 at a combined capacity of 1.9 gigawatt (GW) in the coal-dominated region of Xinjiang have reportedly been shut down.
Xinjiang and Sichuan have historically been the two main bitcoin mining centers in China and the world due to their abundant fossil and hydroelectric power, respectively.
© 2021 The Block Crypto, Inc. All rights reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial or other advice.