The big news this week happened on April 16th, when a major power outage in Xinjiang wreaked havoc on the BTC hash rate. According to local sources, the hash rates on Ant Mine Pool fell by 21.93%, BTC.com by 18.5%, Binance Mine Pool by 22%, and Huobi Mine Pool by 25.5%. Reports from Cointelegraph linked it with safety inspections resulting from a mine accident in the western-most province. Western China has a strong presence in the mining space due to cheap electricity and equally affordable real estate. Despite miners originally stating the impact would only last 1 to 2 days, the hash rate has yet to rebound. Currently the global rate is under 145 million TH/S, down from a peak of 172 million TH/S the day before the accident.
Dogecoin mania set in as buyers on OKEx and Huobi helped drive the price up 370% in one week. These two predominantly Chinese exchanges accounted for 16.9% and 15.9% of global volumes respectively, with Binance making up only 5.2%. Chinese buyers tend to view all assets through the lens of a potential investment, a strong contrast to western investors who were more likely to make memes about the performance on social media.
Dogecoin mania didn’t stop there. Tianyancha, a website for enterprise information, showed that two companies have tried to register the Chinese version of Dogecoin. The Chinese name, which literally translates to ‘Dog-Coin’, was the subject of trademark applications by two separate technology companies in Shanghai and Changsha. According to the source, the trademark is awaiting a substantive review.
Binance’s new top exec
Binance recently appointed a new head of Greater China as the executive roles continue to shuffle. Binance is a very decentralized company which keeps many of the roles and structure hidden from the public eye. The company moved its head office out of China in 2017 after facing a lot of regulatory uncertainty. Still China possesses a high concentration of traders and…