Blockchain Bites: Hashrates Drop, Bitcoiners Hodl and an Open Letter to Bankers

Floods are dampening bitcoin mining hashrates, Ethereum Classic may be thrown off its most popular exchange and bitcoin is moving off exchanges.

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Top shelf

Flooded network
Major Chinese bitcoin mining pools are each seeing daily hashrate drops of between 10% and 20% following continuous rainstorms in Sichuan. China’s southwestern Sichuan province, estimated to have over 50% of the Bitcoin network’s total computing power, has been hit by heavy rainstorms since last week. Data from BTC.com shows the world’s top four bitcoin mining pools – PoolIn, F2Pool, BTC.com and Antpool, all based in China – have each seen their hashrates drop between 10% and 20% over the last 24 hours.

Exchanging patterns
Bitcoin exchange reserves have fallen to a 21-month low. Data shows the number of bitcoins held in exchange addresses fell by 0.83% to 2,610,278 BTC on Monday – the lowest level since Nov. 24, 2018. Some view this an indicator investors feel is bullish about the market. Investors tend to move digital assets from their wallets onto exchanges when they lose confidence in the current price movement, as happened during the Black Thursday sell-off, when bitcoin crashed by 40% and exchange balances surged by 2%. Bitcoin is now riding a 13-month high.

Is ETC OK?
OKEx, the exchange with the highest trading volume of ethereum classic (ETC), is considering delisting the cryptocurrency after two recent 51% attacks drained $5.6 million from its coiffures. “Given ETC’s popularity and standing, we are not rushing into delisting… We also do not want to foot the bill for ETC’s security vulnerabilities that have made it particularly susceptible to attack(s),” said Jay Hao, chief executive of the exchange. It’s assumed the hacker used OKEx during the…

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