Since April 15, the Bitcoin network hashrate has dropped more than 49% after touching an all-time high at 218 exahash per second. Regional reports noted that in China the Xinjiang grid is having blackouts and “safety inspections.”
Reports Claim Blackouts in Xinjiang, China Have Pushed Bitcoin’s Hashrate Down 49%
At the time of writing, the Bitcoin (BTC) network hashrate has seen a 49% drop off after touching an all-time high (ATH). Data shows on April 15, BTC’s hashrate climbed to a massive 218 exahash per second (EH/s).
Almost immediately after that point, the network hashrate started to spiral downwards. When the hashrate started dropping the regional reporter Colin Wu (@wublockchain) tweeted about electrical grid blackouts in China.
“The hashrate of bitcoin mining pools plummeted in 24 hours. Antpool fell by 24.5%, Btc.com fell by 18.9%, Poolin fell by 33%, Binance pool fell by 20%,” Wu tweeted. “The reason is that Northwest China is undergoing a complete blackout for safety inspections.”
The founding partner at Primitive Crypto, Dovey Wan also spoke about outages the next day. “Xinjiang is facing a major power outage due to a coal mine explosion,” Wan remarked. “Bitcoin hashrate drops almost 30% instantly… Expected to recover in a week or so. All data centers were shut as well,” she added.
Xinjiang [and] Sichuan combined together have well over 50% of the overall [Bitcoin] hashrate. Hope [we] can have more distributed hashrate in the future for resilience purposes.
Next Week’s Data Could Show an Estimate of Xinjiang’s Hashrate Share
The cofounder of blockchain data aggregator Coinmetrics.io, Nic Carter also tweeted about the situation in China and the hashrate drop.
“The Xinjiang grid going down and its effects on bitcoin hashrate are what economists call a ‘natural experiment.’ [A] very helpful source of data. Xinjiang is heavily coal-based but not exclusively so….