Mining data aggregators attributed the decline in bitcoin hash rates at the end of the wet season in Sichuan, resulting in many miners migrating to other jurisdictions.
On October 26, Thomas Hale of Bitcoin (BTC) mining blog Hasher 8 reported that approx. Excesses per 22 seconds (EH / s) Mining Power left the Bitcoin network, which coincided with the end of the season the previous day (based on the weather forecast).
Kevin Zhang of Foundry, a subsidiary of the mining-focused digital currency group, also estimated a drop of 20 EH / s, a seven-day average of 132.9 EH / C for Bitcoin’s hashrat while tagging a daily hash rate simultaneously. 112.9 eh / s.
Blockchain.com estimates that Bitcoin’s hash rate fell to 116.3 EH / s from 151.1 EH / s the next day, October 24.
Sichuan Province is one of the world’s largest centers for mining activity. The miners are there to take advantage of the cheap hydro-electricity during the rains and then leave soon.
According to the latest data from Cambridge University’s Bitcoin Electricity Consumption Index (BECI), the province represents 18.5% of the global hash rate as of April 2020 – double the rate before the rainy season.
Heller Forecast Many of the miners operating in Sichuan were located in foreign locations or in the province of Xinjiang or Inner Mongolia, representing 30.1% and 7.7% of global hash power in April, respectively.
In 2018, it was estimated that 80% of Chinese miners migrate to Sichuan for the rainy season from other parts of the country. Sichuan estimated during December 2019 Coin shares data released during Sichuan represent 54% of global mining activity
Heller also shared Data This weekend will see a decline between 7.4% and 8.8%, predicting the next bitcoin mining difficulty adjustment. If accurate, the event will be the second biggest negative adjustment of 2020 after a crash of about 16%, after crashing ‘Black Thursday’ in March.
