Chinese bitcoin miners to have power cut

Charlie Taylor

Coingoback" srcset=" 700w, uploads/2022/06/Banner-Coingoback-700x150-1-300x64.jpg 300w, 150w, 585w" data-sizes="(max-width: 700px) 100vw, 700px " width="700" height="150" style="display: inline-block;"/>China got tired of bitcoin miners and the province with the highest amount of hashrate decided to deny power supply to medium and large miners.“On June 18, Sichuan officially issued a document requesting that power generating companies immediately stop supplying any mining services with digital coins, and report the situation on the 25th” – said the profile of Chinese analyst “Wu Blockchain”According to Wu still states that the doc The survey identified 26 large mining companies and asked for them to be monitored and closed. Apparently, the medium and small mining companies will be for later:

<blockquote class=“There are many small and medium-sized hydropower plants in Yunnan, Sichuan, and it can be difficult for them to receive government oversight. However, large-scale projects will be closed in the short term.” – he said Wu

Impact on Bitcoin Mining and Wrong Data

Bitcoin's mining difficulty had one of the biggest adjustments in history with a 20% drop after the announcement that the Chinese government could ban mining altogether.

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The current measure has not yet had an effect on hashrate metrics that typically use a composite average of a period's hashrate. Many miners were already leaving the region to relocate to Kazakhstan or even more BTC-friendly regions. However, it is possible that in the next few hours the hashrate will drop and cause transaction jams. It is noteworthy that Cambridge University data, commonly used by specialist newspapers, on BTC mining in the Sichuan region is out of date as of 20 April 2020 As other regions such as Miame and El Slavador attract more miners, China's influence drops considerably and BTC decentralization increases.In short, positive news for bitcoin in the long run!

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