Bitcoin‘s hash rate has fallen sharply following power cuts in a strategic Chinese region for cryptocurrency mining.
A major accident at a coal mine in China’s northwestern Region of Xinjiang caused major power outages and power outages in the area. With direct consequences on Bitcoin.
Hash rate collapses
Large mining farms in China have been left without power to continue their activities. And without them, it was very quickly found that the hash rate collapsed on crypto platforms.
In 24 hours, the hash rate fell by 20% on Binance Pool, 24.5% on Antpool, 18.9% on BTC.com and 33% on Poolin.
As a reminder, the hash rate quantifies the speed at which a network is able to calculate a hash function. The resolution of a multitude of these functions is necessary to secure the exchanges and save them in the register of the blockchain. The more miners are available, the higher the hash rate, the more the network is able to solve operations.
China, the main player in Bitcoin hash
The figures cited above confirm reports that China is by far the country that participates most in Bitcoin mining operations. The regions of Xinjiang and Sichuan are said to be home to huge mining farms.