Bitcoin hash rate declines amid the end of the rainy season in Sichuan After demonstrating strong growth in recent months, Bitcoin hash rate declined during the week amid the end of the supply of subsidized electricity during the rainy season to Chinese miners, CoinDesk draws attention.

Bitcoin hash rate declines amid end of monsoon season in Sichuan

Having demonstrated strong growth in recent months, Bitcoin hash rate declined during the week amid the end of the supply of preferential electricity during the rainy season to Chinese miners, CoinDesk draws attention.

According to the mining pool Poolin, which recently took the first position in terms of the share of the hash rate in bitcoin networks, the average hash rate over the past seven days has dropped to approximately 90 EH / s, which may indicate a disconnection of some equipment.

Mining pool BTC.com predicts a decline mining difficulties by 1.5% as a result of automatic adjustment by the algorithm after about a week. Difficulty peaked at 13.69 trillion on October 24, up 38% since early August. This was preceded by a spike in the average hash rate of 14 days to a record 97.9 ET / s.

The Poolin co-founder also believes that the drop in the hash rate is due to the gradual exit of Chinese miners. A number of hydroelectric power plants in Sichuan, which, according to some estimates, account for up to 50% of world Bitcoin production, in present time does not have sufficient resources to serve the needs of miners. Those, in turn, are forced to suspend production or move to other regions where there is a more stable, but more expensive energy supply..

In addition, Bitcoin's sharp drop below $ 7,500 on October 23 forced some miners to shut down older but still widely used hardware such as the AntMiner S9. The level of breakeven production of bitcoin on the S9 is now $ 7,000 - 7,500 for them. The subsequent rise in the market could partially smooth out the panic..

Some miners are trying to keep their S9 up to date by combining two devices into one to increase efficiency, and they do it quite successfully, however, the viability of the method in the long term is questionable..

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