Categories: Market Overview

BTC hash rate slumps amid seasonal miner migration in China

Mining data aggregators attribute a slump in Bitcoin’s hash rate to the end of the wet season in Sichuan, resulting in many miners migrating to other jurisdictions. On Oct. 26, Thomas Heller of Bitcoin (BTC) mining blog Hashr8 reported that roughly 22 exahashes per second (EH/s) of mining power had left the Bitcoin network, coinciding with the end of the season the previous day (based on weather forecasts).

Kevin Zhang of mining-focused Digital Currency Group subsidiary Foundry also estimated a 20 EH/s drop, noting the seven-day average for Bitcoin’s hashrate was 132.9 EH/s while daily hash rate concurrently tagged 112.9 EH/s. Blockchain.com estimates Bitcoin’s hash rate to have fallen from 151.1 EH/s on Oct. 24 to 116.3 EH/s the following day.

The province of Sichuan is one of the world’s largest hubs for mining activity. Miners flock there to take advantage of cheap hydro-electricity during the rainy season and then just as quickly leave. In 2018, it was estimated that 80% of Chinese miners migrate to Sichuan for rainy season from other parts of the country. CoinShares data published during December 2019 estimated Sichuan represents 54% of global mining activity. Heller also shared data estimating the next Bitcoin mining difficulty adjustment at the end of this week will see a reduction of between 7.4% and 8.8%. If accurate, the event would comprise 2020’s second-largest negative adjustment after the near 16% drop that followed the ‘Black Thursday’ crash in March.

BTC hash rate slumps amid seasonal miner migration in China, CoinTelegraph, oct 27

The FxPro News Team

This team of professional journalists announces the most interesting and influential articles from the major financial media as a brief summary. All such news may have sufficient potential to affect the course of trading assets.

Share
Published by
The FxPro News Team

Recent Posts

Tesla Wave Analysis – 10 March 2025

Tesla: ⬇️ Sell        Tesla falling inside sharp impulse waves 5 and (C) Likely to fall…

10 hours ago

Ebay Wave Analysis – 10 March 2025

Ebay: ⬇️ Sell - Ebay reversed from the resistance area - Likely to fall to…

10 hours ago

S&P 500 Wave Analysis – 10 March 2025

S&P 500: ⬇️ Sell - S&P 500 index broke support zone - Likely to fall…

12 hours ago

GBPCAD Wave Analysis – 10 March 2025

GBPCAD: ⬆️ Buy - GBPCAD rising inside minor impulse wave 3 - Likely to reach…

12 hours ago

Gold traders weighting the next move

Gold may fly to the new heights but there are risks following the stock indices.

13 hours ago

US indices desperately cling to the 200-day MA

S&P500 and Nasdaq100, dipped but found support at their 200-day MA, indicating a possible shift…

15 hours ago

This website uses cookies