The hash power of Chinese mining pools is plummeting amid regional power outages

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 and down from Poolin. by 33%.

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.