The hashrate of the Bitcoin network has been steadily falling since June 14 and after Sichuan miners were told to prepare operation shutdowns. Sichuan is the second-densest province in China where most miners are located, according to data stemming from the University of Cambridge. Bitcoin’s hashrate is now hovering just above 100 exahash per second (EH/s).
Bitcoin Hashrate Keeps Falling as Sichuan Farms Shut Down Operations
The hashrate of the Bitcoin network has been steadily falling. The cause of this seems to be the shutdown of several cryptocurrency farms in various provinces including Sichuan. According to the regional publication 8btc news, the Sichuan Development and Reform Commission and Energy Bureau announced it would close the operation of 26 suspected cryptocurrency mining and virtual currency projects on Sunday. Sichuan bitcoin miners leaving to mine elsewhere is a historical event during the leading crypto asset’s 12-year lifespan.
Bye 👋 pic.twitter.com/3JrM5qw0E7
— 8BTCnews (@btcinchina) June 19, 2021
Statements from mining insiders seem to point out the situation is dire for big mining operations. These are the most affected due to its inability to move its operations quickly. The hashrate numbers stemming from Chinese pools have also shrunk: Antpool, Btc.com, Binance Pool, Huobi Pool, and Btc.top have all experienced significant losses of associated hashrate. As a consequence, the Bitcoin hashrate is now hovering over 100 EH/s, almost 50% under its all-time high.
Bitcoin’s price is also stagnating as a result of fears over more forced mining shutdowns in the country. Bitcoin price is now between $33,000 and $34,000 at the time of writing. Other currencies are also feeling the heat, facing important losses.
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