Chinese Mining Pool Witness Massive Drop In Fortunes

Despite the boom of Bitcoin, which has made the digital asset become the most valuable asset in the blockchain space, the Bitcoin miners’ actions continue to face criticisms. However, despite the criticisms, China continues to host most of the Bitcoin miners in the Blockchain space, as the country’s low energy charges continue to be exploited by these miners. Unfortunately, according to Wu Blockchain’s report yesterday, many of the mining pools in the country recorded a dip in fortunes, as the hash power rate dropped massively yesterday.

There was a power outage in the region where losses were recorded

According to Wu Blockchain’s report, despite not understanding why many mining pools in the country had a poor performance yesterday, most of the mining pools in Xinjiang had experienced a blackout. Wu Blockchain, therefore, believes that the blackout of the Chinese region was responsible for the poor performance of some of the mining pools in the country. The authors of Wublock- one of china’s top crypto analytics newsletter, reported that one of the top mining pools in the country- Antpool, recorded a 26% dip in fortunes.

Unfortunately, Antpool Blockchain was not the only mining pool that suffered a dip in hash rate, as Binance Pool and pool suffered about a 20% dip. However, according to the report, Poolin is the region’s mining pool that suffered the most dip, as the Bitcoin mining pool recorded a loss of more than 35% in hash power. In the report by Wu Blockchain, they confirmed that the region is currently experiencing a massive power outage, resulting from a flood that has left at least 21 miners in agony.

Safety inspectors are currently evaluating the unfortunate incident

The cause of the flood, which resulted in the unfortunate power outage, is yet to be known. However, according to the report, the region is currently being inspected by safety inspectors, hence why there is still a power outage. The unfortunate flood incident, which has left miners in pain, needed at least 1,500 rescue persons to salvage the situation. The situation had halted technical upgrades and communications in the region.

However, according to the report, the regional authorities are working tirelessly to restore normalcy to the region, as the Chinese mining pool power will begin operations soon. Xinjiang is not just China’s major contributor to the Bitcoin mining hash rate, as it also one of the world’s leaders in Bitcoin mining hash rate.

The region currently contributes 38% of China’s mining hash rate while contributing 23% to the global Bitcoin mining hash rate of the world. However, China continues to be the go-to place for Bitcoin miners, as the country accounts for more than 70% of the global Bitcoin mining hash rate in the world. The status quo is not set to change, as the country continues to prove itself as one of the world’s global leaders.

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