• Bitcoin
  • NFT
  • Binance
  • ETH
  • DeFi
  • Metaverse
  • IDO
  • Coinbase
  • Solana
  • ETF
  • FTX
  • GameFi
Newsletter
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
  • Home
  • Crypto News
  • Market
  • Learn
No Result
View All Result
CoinLive
No Result
View All Result
Home Crypto News

Chinese Bitcoin Miners Face Difficulty When Experiencing A Huge Drop in Hash Rate

190
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

[ad_1]

Some of the world’s largest Bitcoin mining pools in China have experienced a sharp drop in mining rates over the past 24 hours.

Related articles

Bitcoin is at $67K but analysis warns BTC price could drop 10% next

Bitcoin is at $67K but analysis warns BTC price could drop 10% next

May 20, 2024
Avalanche (AVAX) price is among the few altcoins that have dropped sharply

Avalanche (AVAX) price tag is amid the couple of altcoins that have dropped sharply – Bitcoin News 2024

April 16, 2024

Data from BTC.com shows that major Bitcoin mining pools in China, especially AntPool, F2Pool, Poolin and BTC.com, have seen their hash rate drop between 11% and 30% in the past 24 hours. Other pools run by Huobi and Binance also recorded a drop of more than 10%.

Bitcoin mining rate of the world's largest pool of miners.  Source: BTC.com
Bitcoin mining rate of the world’s largest pool of miners. Source: BTC.com

Such a notable drop in Chinese Bitcoin mining pools comes as China continues to crack down on Bitcoin mining. Chinese Internet giants have just issued an “ultimatum” to the crypto market while sweeping keywords related to Binance, Huobi, and OKEx.

Also today, Changji county in China’s Xinjiang province ordered Bitcoin mining sites in Zhundong Economic Technology development park to close their operations by 2pm China time on the 9th. June.

In April, Bitcoin miners in Xinjiang were forced to close due to security concerns around local coal-fired power plants following a number of incidents. The hash rate of BTC also drops by about 25% over the next seven days before mining farms resume operations.

Since the crackdown began, there have been reports of Chinese BTC miners starting to move their equipment out of China. This gradually shifts Bitcoin mining power to Central Asia, North America, and some parts of the EU.

As proof, Bitcoin mining hardware company Canaan said in its Q1 financial report, that overseas sales of mining equipment accounted for nearly four-fifths of the company’s revenue for that quarter. This appears to be the first time Canaan has reported that its domestic sales are overshadowed by its overseas business.

Square genius Jack Dorsey recently invested $5 million in Bitcoin mining facility Blockstream, to launch a 100% solar-powered Bitcoin mine in the United States.

See more: Jack Dorsey Affirms “Love” For Bitcoin: “If I Didn’t Work For Twitter Or Square, I Would ‘Join’ Bitcoin”

In the US, Bitcoin mining farms are expanding. Companies including Argo Blockchain miner, Riot Blockchain, and market maker GSR are planning to ramp up Bitcoin mining operations, with GSR focusing on hydroelectric power use.

Synthetic

Maybe you are interested:

Join the chat group Coinlive Chats Now let’s discuss hot issues of DeFi market with Coinlive admins!!!

[ad_2]

Tags: BitcoinChineseDifficultydropExperiencingFaceHashHugeMinersRate
Share76Tweet48

Related Posts

Meta Explores Stablecoins for Cross-Border Payments

by shark
May 10, 2025
0

Meta is exploring the use of stablecoins for cross-border payments, enhancing its interest in cryptocurrency and fintech innovation for global...

Bitcoin ETFs Gain, Ethereum Sees Declines in May Flows

by shark
May 9, 2025
0

Analyzing ETF flows on May 9, 2025, revealing contrasting institutional sentiments toward Bitcoin and Ethereum.

Coinbase Q1 Revenue Surges Despite Drop in Net Income

by shark
May 9, 2025
0

Coinbase's Q1 report shows a 24% revenue increase, despite lower net income.

Ethereum Foundation Allocates $32.65M for L2 and Education

by shark
May 9, 2025
0

Ethereum Foundation commits $32.65M to enhance L2 efficiency and global education in Q1 2025.

Zerebro Founder Surfaces; Suicide Staged

by shark
May 9, 2025
0

Zerebro founder Jeffy Yu fakes suicide, resurfaces, shaking crypto market confidence.

Load More

Tags

analysis announces Bank billion Binance Bitcoin Blockchain BTC CEO Coin Coinbase Crypto cryptocurrencies Cryptocurrency DeFi ETH Ethereum Exchange Finance FTX fund game General News Information Investment Latest Launch launches market Metaverse million Network News NFT platform Price project Protocol Review SEC Solana Token trading users wallet

Recent Posts

  • Meta Explores Stablecoins for Cross-Border Payments
  • Bitcoin ETFs Gain, Ethereum Sees Declines in May Flows
  • Coinbase Q1 Revenue Surges Despite Drop in Net Income
  • Ethereum Foundation Allocates $32.65M for L2 and Education
  • Cheems, Dogecoin, and Arctic Pablo Coin Presale | Top new meme Coins to buy for 2025
  • Arctic Pablo, ApeCoin, and SUNDOG Heat Up the Charts – Top Meme Coins to Invest
  • Zerebro Founder Surfaces; Suicide Staged
  • APU Doubled, FARTCOIN Pumped—But Only BTFD Promises 8900% ROI: Best Meme Coin Presale to Buy Now
  • About
  • FAQ
  • Contact Us
  • IGO
  • Altcoin
  • Terra
  • Launchpad
  • P2E
  • META
  • AXS
Email us: [email protected]

© 2021 CoinLive - Crypto News 24/7

No Result
View All Result
  • Home
  • Crypto News
  • Market Analysis
  • Learn

© 2021 CoinLive - Crypto News 24/7