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Market Analysis Report (21 Jun 2021)

Date:

Bitcoin’s hashrate has fallen by 16.94% overnight after authorities from China’s Sichuan province ordered a state-owned power grid to cut the energy of 26 cryptocurrency mining farms in the region.

Major Chinese bitcoin mining pools were hit by the order, with Antpool, BTC.com, and Poolin experiencing hashrate plunges from 10% to 22%. Foundry USA, Slushpool, and SBI Crypto are some of the mining pools that weren’t based in China.

1Thash, a private mining pool of Sichuan-based Valarhash, saw a whopping 46% drop in its hashrate, losing about 1,000 petahashes per second (PH/s) of real-time hashrate.

The Sichuan government’s crackdown also requires local power suppliers to expand their inspections and close down any mining facilities using hydroelectricity supplied by the State Grid or directly from small and private power plants.

The move came shortly after the Xinjiang government directed power plants in the Zhundong Economic Technological Development Zone to shut down their mining facilities earlier this month. Both Xinjiang and Sichuan have historically been major bitcoin mining hubs in China due to their abundant fossil fuel and hydroelectric energy.

Their crackdown comes as a direct result of a high-level comment made during a Chinese State Council meeting last month on cracking down on bitcoin trading and mining.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptocompare.com/email-updates/daily/2021/jun/21/

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