Bitcoin Hashrate Drops After China Coal Mine Explosion; Difficulty at ATH

Source: Adobe/hlxandr

A coal mine explosion in Xinjiang, an autonomous area of China, could have led to a Bitcoin (BTC) hashrate drop at a time when Bitcoin mining issue went for a brand new all-time excessive.

Primitive Ventures co-founder Dovey Wan said that there was a coal mine explosion in northwest China’s Xinjiang area which led to a “main” energy outage. Per Wan, outcomes of this incident included all information centres being shut down and an instantaneous drop in Bitcoin hashrate, the computational energy of the community.

Per Reuters’ report from April 11, twenty-one miners had been trapped in a flooded coalmine. A piece of the mine crammed with water, resulting in energy outages. Per an April 14 CCTV report, in addition to Bloomberg’s report yesterday, the rescuers had been nonetheless engaged on saving the trapped miners, in addition to draining the floodwater.

Per Wan, the “coal mine explosion is taken into account prime degree safety incident results in central authority’s scrutiny on particular person mining operations and associated native authorities businesses. Hence the lower off is beneath going amidst the central authority’s on-site inspections.”

The current Bitcoin hashrate at 169 EH/s, down from 208.5 EH/s recorded late on April 15 – an 18.65% drop. It’s still not as low as 143.2 EH/s seen just a day prior, on Wednesday.

Bitcoin Hashrate Drops After China Coal Mine Explosion; Difficulty at ATH 102

Looking at the 7-day moving average, Bitcoin hashrate has been steadily climbing since mid-2017, reaching its all-time high on April 11, hitting 148.6 EH/s. On April 15, that number was 146.2 EH/s, per

Meanwhile, simply yesterday, bitcoin mining issue, or the measure of how arduous it’s to compete for mining rewards, hit a brand new ATH as properly. The issue went up 1.92%, reaching 23.58 T.

At 9:10 UTC, BTC is buying and selling at USD 61,193, down 5% from its just lately gained all-time excessive. The value dropped 2% in a day and elevated 5% in every week.
Learn extra:
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Proof-of-Disagreement: Bitcoin’s Work vs. Ethereum’s Planned Staking
This Is How Satoshi Nakamoto Defended Bitcoin Mining & Converted A Skeptic
Ethereum Moves Ahead With Plans for Earlier Transition to Proof-of-Stake
Bitcoin Mining in 2021: Growth, Consolidation, Renewables, and Regulation
Bitcoin Miners Buy Oversupplied Energy, Turn To Renewables – Nic Carter

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About the Author: Daniel