{"id":98301,"date":"2020-10-27T06:01:38","date_gmt":"2020-10-27T03:01:38","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/btc-hash-rate-slumps-amid-seasonal-miner-migration-in-china\/"},"modified":"2020-10-27T06:01:38","modified_gmt":"2020-10-27T03:01:38","slug":"btc-hash-rate-slumps-amid-seasonal-miner-migration-in-china","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/btc-hash-rate-slumps-amid-seasonal-miner-migration-in-china\/","title":{"rendered":"# BTC hash rate slumps amid seasonal miner migration in China"},"content":{"rendered":"<p>&#8220;<strong># BTC hash rate slumps amid seasonal miner migration in China <\/strong>&#8221;<\/p>\n<div data-v-5a136f3a=\"\">Mining data aggregators attribute a slump in Bitcoin\u2019s hash rate to the end of the wet season in Sichuan, resulting in many miners migrating to other jurisdictions.<\/p>\n<p>On Oct. 26, Thomas Heller of Bitcoin (BTC) mining blog Hashr8 reported that roughly <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/thomasheller_\/status\/1320769868652707840\">22 exahashes per second<\/a> (EH\/s) of mining power had left the Bitcoin network, coinciding with the end of the season the previous day (based on weather forecasts). <\/p>\n<p>Kevin Zhang of mining-focused Digital Currency Group subsidiary Foundry also estimated a 20 EH\/s drop, noting the seven-day average for Bitcoin\u2019s hashrate was 132.9 EH\/s while daily hash rate concurrently tagged <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/SinoCrypto\/status\/1320771644131053572\">112.9 EH\/s<\/a>.<\/p>\n<p>Blockchain.com estimates Bitcoin\u2019s hash rate to have fallen from 151.1 EH\/s on Oct. 24 to 116.3 EH\/s the following day.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/1f6ecb0b-ff0b-4a79-9b5c-ef223513d338.png\"\/><figcaption style=\"text-align: center;\">Bitcoin hash rate 12-month chart: <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.blockchain.com\/charts\/hash-rate\">Blockchain.com<\/a><\/figcaption><\/figure>\n<p>The province of Sichuan is one of the world\u2019s largest hubs for mining activity. Miners flock there to take advantage of cheap hydro-electricity during the rainy season and then just as quickly leave.\u00a0<\/p>\n<p>The most recent data from the University of Cambridge\u2019s <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/cbeci.org\/mining_map\">Bitcoin Electricity Consumption Index<\/a> (BECI) estimates the province represented 18.5% of global hash rate as of April 2020 \u2014 which was double the rate prior to the rainy season.<\/p>\n<p>Heller <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/thomasheller_\/status\/1320769865427243008\">predicted<\/a> that many miners operating in Sichuan were n relocating overseas or to the provinces of Xinjian or Inner Mongolia, which represented 30.1% and 7.7% of global hash power in April respectively.<\/p>\n<p>In 2018, it was estimated that <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/www.minerupdate.com\/news\/miner-insights\/mining-price-war-in-sichuan-china-during-the-flood-season\">80%<\/a> of Chinese miners migrate to Sichuan for rainy season from other parts of the country. CoinShares data published during December 2019 estimated Sichuan represents 54% of global mining activity<\/p>\n<p>Heller also shared <a rel=\"nofollow noopener noreferrer\" target=\"_blank\" href=\"https:\/\/twitter.com\/thomasheller_\/status\/1320769868652707840\">data<\/a> estimating the next Bitcoin mining difficulty adjustment at the end of this week will see a reduction of between 7.4% and 8.8%. If accurate, the event would comprise 2020\u2019s second-largest negative adjustment after the near 16% drop that followed the \u2018Black Thursday\u2019 crash in March.<\/p>\n<\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener noreferrer\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener noreferrer\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/btc-hash-rate-slumps-amid-seasonal-miner-migration-in-china\" target=\"_blank\" rel=\"noopener noreferrer\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# BTC hash rate slumps amid seasonal miner migration in China &#8221; Mining data aggregators attribute a slump in Bitcoin\u2019s hash rate to the end of the wet season in Sichuan, resulting in many miners migrating to other jurisdictions. On Oct. 26, Thomas Heller of Bitcoin (BTC) mining blog Hashr8 reported that roughly 22 exahashes&#8230;<\/p>\n","protected":false},"author":1,"featured_media":98302,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/s3.cointelegraph.com\/uploads\/2020-10\/d1d482bd-37ea-4865-b623-48eb096eb78f.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,75462,75042,117],"class_list":["post-98301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-hash-rate","tag-mining","tag-business"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/98301","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=98301"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/98301\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/98302"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=98301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=98301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=98301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}