The hashing power of Northwest China’s top Bitcoin mining pools appears to have plummeted due to a regional blackout to allow for security inspections.
The news was reported by Wu Blockchain, the author of the Chinese crypto newsletter Wublock, who noticed a significant drop in the hash rate of several major pools – with Antpool crashing 24.5%, Binance Pool falling by 24.5%. 20%, down 18.9% from BTC.com and down from Poolin. by 33%.
Bitcoin mining pool hashrate plummeted in 24 hours. Antpools were down 24.5%, https://t.co/1YRYr58dLy were down 18.9%, Poolin down 33%, Binance pools down 20%. This is because Northwest China is undergoing a complete blackout for security inspections. pic.twitter.com/vaWgYsMEFH
– Wu Blockchain (@WuBlockchain) April 16, 2021
According to an article in Chinese media Wu Talk, the Xinjiang region is currently undergoing “an extensive safety inspection in the event of a power failure.
The inspections follow a recent flood accident in a coal mine in Xinjiang, in which 21 miners were temporarily detained in three different locations. The mine was inundated with a flash flood while performing technical upgrades, resulting in communication disruptions and power outages underground. Nearly 1,500 rescue personnel were sent to the mine to assist with the emergency.
Xinjiang is a major source of global Bitcoin hash rate, with the Cambridge Bitcoin Energy Consumption Index, or BECI, estimating that the region currently represents nearly 36% of China’s combined hash power. Since China makes up two-thirds of the global mining power, BECI estimates that Xianjian accounts for 23.3% of the global hash rate.
According to Ycharts, the outages appear to have caused a drop of about 2.2% in the Bitcoin network’s combined hash rate over the past 24 hours, which dropped from 169.4 million terahashes per second, or TH / s, to 165.8 TH / s as of this writing.