{"id":230167,"date":"2021-04-19T08:34:50","date_gmt":"2021-04-19T05:34:50","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/did-a-massive-chinese-power-outage-cause-bitcoins-crash-down-to-50k\/"},"modified":"2021-04-19T08:34:50","modified_gmt":"2021-04-19T05:34:50","slug":"did-a-massive-chinese-power-outage-cause-bitcoins-crash-down-to-50k","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/did-a-massive-chinese-power-outage-cause-bitcoins-crash-down-to-50k\/","title":{"rendered":"# Did a massive Chinese power outage cause Bitcoin\u2019s crash down to $50k?"},"content":{"rendered":"

“# Did a massive Chinese power outage cause Bitcoin\u2019s crash down to $50k? <\/strong>”<\/p>\n

Woo noted reports identifying the blackouts were published late last week, with the power outages occurring to facilitate safety inspections in response to a recent flooding accident at a local coal mine that saw 21 miners temporarily trapp<\/a>ed underground after power and communications went down.<\/p>\n

According to the Cambridge Bitcoin Energy Consumption Index, or BECI<\/a>, Xinjiang represents nearly one-quarter of the global hash rate.<\/p>\n

The analyst notes yesterday saw the largest daily drop in total Bitcoin network hash rate since November 2017, with hash rate plummeting from 172 million terahashes per second, or TH\/s, to less roughly 154 million TH\/s, according to Ycharts. <\/p>\n

Popular crypto market analyst, Willy Woo, has attributed the violent April 18 cryptocurrency crash to a sudden drop in hash rate resulting from a power outage in the Chinese region of Xinjiang.<\/p>\n

Bitcoin hash rate: Ycharts<\/a><\/figcaption><\/figure>\n

Woo points to 9,000 BTC that was transferred to Binance on April 16, speculating the funds were likely sent by a \u201cwhale with closer knowledge to happenings in China.\u201d\u00a0<\/p>\n

Coupled with heavy selling in the quarterly futures markets, the downward momentum drove $4.9 billion worth of Bitcoin liquidations and a further $4.4 billion in margin calls in the altcoin markets \u2014 with a record 1 million accounts being liquidated.<\/p>\n

However, not everyone agrees with Woo\u2019s analysis, with Cinneanhaim Ventures partner, Adam Cochran, describing \u201cthe idea that a power outage last night in a mining region in China led to the dop in $BTC\u201d as \u201cutter nonsense.\u201d<\/p>\n

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1\/15<\/p>\n

You might have seen charts around claiming that there is some sort of link between the mining hash-rate and Bitcoin’s price drop.<\/p>\n

I’ve seen all sorts of words thrown around with this chart including ‘causations’ and ‘correlations’ by a lot of people who don’t math. pic.twitter.com\/Gfog3Sk8Wo<\/a><\/p>\n

\u2014 Adam Cochran (@adamscochran) April 18, 2021<\/a><\/p><\/blockquote>\n