Sichuan Mining Farms Begin Closing – Seven-Day Statistics Show Bitcoin’s Hashrate Is Falling – Bitcoin News

The hashrate of the Bitcoin network has steadily declined since June 14th and after the Sichuan miners were ordered to prepare for operational closings. According to Cambridge University, Sichuan is the second densest province in China and has the largest number of miners. Bitcoin’s hash rate is now just over 100 exahash per second (EH / s).

Bitcoin hashrate continues to decline as Sichuan farms shut down

The hashrate of the Bitcoin network has steadily decreased. The cause of this appears to be the closure of several cryptocurrency farms in different provinces, including Sichuan. According to regional publication 8btc news, the Sichuan Development and Reform Commission and the Energy Bureau announced It would close the operations of 26 suspected cryptocurrency mining and virtual currency projects on Sunday. Sichuan bitcoin miners mining elsewhere is a historic event during the leading crypto asset’s 12-year lifespan.

Statements from mining insiders seem to indicate that the situation is dire for large mining companies. These are the hardest hit as they cannot quickly postpone their operations. The hashrate numbers from Chinese pools also have shrunk: Antpool, Btc.com, Binance Pool, Huobi Pool, and Btc.top have all suffered significant losses in their associated hashrate. As a result, the Bitcoin hashrate is now hovering above 100 EH / s, almost 50% below its all-time high.

Bitcoin’s price is also stagnating amid fears of further forced mining closures 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 and must reckon with considerable losses.

Location opportunities arise

Sichuan is the fifth Chinese province to close projects related to cryptocurrency mining. Before Sichuan, two provinces also announced the closure of all cryptocurrency mining projects: Inner Mongolia and Yunan. Other localized closures were announced in Xinjiang earlier last month when Zhundong miners were ordered to turn off their machinery.

Xinjiang is the province that has most of the hash rates in all of China, at least according to statistics. According to the University of Cambridge, that’s where a third of Bitcoin’s total hashrate resides. However, this crackdown on Bitcoin mining has increased the opportunities for mining elsewhere.

Miami Mayor Francis Suarez invites miners to settle in Miami. Suarez stated that conditions in Miami could be tempting to the miners due to the abundance of cheap nuclear power. Some mining operations are flock to Kazakhstan and Chinese ASIC manufacturer Canaan recently set up an overseas after-sales center in the region.

Nayib Bukele, the President of El Salvador, also invites miners into the country. Bukele recently announced plans to build geothermal plants to offer miners cheap green energy prices. The race to capture these displaced Bitcoin miners is just beginning, and other countries may soon make their move too.

What do you think of Sichuan cracking down on Bitcoin operations? Let us know in the comments section below.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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