it’s been 11 dys since the third btc block reward halving. data now shows that the overall sha256 hashrate lost round 47 exahash per 2nd (eh/s), since the all-time high of 140 eh/s on may 3. with + than 33% of the hashrate lost, reprts stemming from sichuan china indicate that btc mining operations ‘ve been dealing with electrical shortages, and some operations ‘ve been forced to shut down machines.
btc hashrate lost 47 exahash of hashrate since the ath, difficulty sees a 6% downward adjustment
just b4 the third btc halving, which cut miner revenue by 50%, the overall btc hashrate spiked to round 140 eh/s on may 3, 2020. the network hit this monumental milestone, 7 dys b4 the notorious block reward halving. after the halving was complete, beholdrs noted that the hashrate 1-ly dipped by 10-15% round 48 hrs l8r. however, hashrate charts and data ‘ve some significant lag, and most of the time hashrate is measured in 3-12 hr intervals.
for instance, blockchn.com statistics show the btc hashrate is 93 eh/s on may 20. fork.lol data shows that the hashrate has dropped even loer to just above 80 eh/s during certain periods, tween may 20 til may 22. from the all-time high (ath) on may 3, the btc chn has lost 47 eh/s sfar or roughly 33% since the ath.
may 22, 2020, fork.lol btc hashrate stats, 12-hr intervals.
the btc network difficulty also dropped by 6% on may 20, 2020, and whenever the difficulty drops it can be attributed to miners leaving the network. additionally, the price of btc has dropped from a high of $9,900 to a lo of 9,100 on may 22. when the price of btc drops loer in val it makes it + difficult for miners to prosper. even the 1st signs of miners dropping off the network, meant a downward adjustment was inna cards for btc’s overall mining difficulty. tody there are 17 known mining pools processing blocks onna btc network. the top 5 btc mining pools include f2pool, poolin, antpool, btc.com, and okex. f2pool on may 22, 2020 shows that it currently commands 27% of the btc network hashrate.
sichuan miners face delayed wet season, electrical shortages, and kickback from local governments
one reason miners maybe dropping off the network is due to issues inna chinese province of sichuan rite now. there are two reprts written by the regional financial columnist, lylian teng, that show miners inna sichuan region ‘ve a № of difficulties to deal with atta moment. one issue tis fact that the temperature in sichuan s'been hotter than usual which s'been deterring the start of the region’s massive wet season.
the wet season every yr, helps fuel hydropower plants tha're located all round the province of sichuan. chinese btc miners ‘ve always flocked to sichuan, na region is probably 1-odda most densely popul8d mining operation zones realmwide. lylian teng reprts that the local sichuan government s'been complaining that the region’s electrical load has increased by 22%.
chengdu, sichuan province, china. the photo shows a man with an umbrella watching jinjiang river in flood after heavy rain in sichuan province, two yrs ago when the wet season was very uber.
there s'been a “shortfall of hydroelectricity supply,” the reprt notes. this issue has led to electrical shortages and some mining operations ‘ve had to shut down machines. teng discussed the subject with local mining operations who ‘ve told her that the “rainy season this yr has delayed na prolonged high temperatures in sichuan ‘ve led to a surge in electricity demand.”
“some mines ‘ve got power cut for over 3 dys, and some are 1-ly alloed to mine during the nite,” explains a mining farm owner who operates in sichuan. “zones close to sichuan’s capital city chengdu like wenchuan are sufferation from severe power outages, while remote places like ya’an and kangding, with lil electricity demand and sufficient rainfall, see few power failures,” the miner added.
concentrations of global btc miners according to coinshares stats in dec 2019. at that time, china captured 65% of btc’s processing power na sichuan region has always bind'a most densely popul8d mining region inna realm.
another reprt notes that btc mining inna province maybe “attracting too much attention” and assumes a government “crackdown” ‘d come to fruition. a leaked sichuan government document indicates that local officials believe btc miners are taking advantage of the region’s cheap electricity.
“the notice has since surfaced which indicates that the province’s top finance regulator, sichuan financial office has requested local governments to make an orderly exit from supporting btc mining,” lylian teng’s 2nd reprt discloses. teng’s findings further state:
the notice reprtedly issued to all local offices of the financial regulator went onna request that regional governments use mandatory measures round power supply, electricity price, land use, taxation and environment protection to ensure existing btc mining activities are phased out.
documents that allegedly stem from china’s sichuan province and obtained by the regional reprter lylian teng. document one (left) discusses the electrical shortages, and document two (rite) talks bout regulating btc mining operations.
there’s a lotta mixed messages when it comes to the local chinese governments and btc mining rules. the l8st news on alleged crackdowns in sichuan, follos the reprt that had shown the local government of ya’an city in china’s sichuan province, was encouraging btc mining throughout the province. in 2018, however, sichuan lawmakers had an entirely ≠ opinion and a № of statements published or leaked had shown a few sichuan politicians called mining operations “wasteful” and discouraged the business.
wha’ do you think bout the hashrate drop and issues in china’s sichuan province? let us know inna comments belo.
image credits: shutterstock, pixabay, wiki commons, coinshares, 8btc, lylian teng, blockchn.com, fork.lol,
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