Sichuan Shutdown Order Cripples Chinese Bitcoin Mining Pools
Hash rates of some of the biggest Bitcoin mining pools in China have dropped by up to 37% after Sichuan ordered energy companies to stop providing power to mining farms in the province.
News about the shutdown order broke yesterday following a meeting between the country’s Science and Technology Bureau, and the Sichuan Ya’an Energy Bureau. Energy companies were given till the start of Sunday June 20 (Beijing time) to cut the power.
Chinese mining pools are an integral cog in the global crypto ecosystem, and many of the miners in these pools draw from Sichuan’s abundant hydroelectric power. Mining pools are cryptocurrency mining collectives that share their computational power to mine cryptocurrency
"Molly", head of marketing at Chinese blockchain company Hashkey Hub, tweeted that the hash rate “already dropped significantly” after the Sichuanese government announced it would cut off power to Bitcoin mining farms.
We gonna witness a history in bitcoin mining tonight, all mining farms (about 8m kw electricity load) will shutdown at 12pm Beijing time tonight, Harare rate already dropped significantly after sichuan gov announce shut down bitcoins mining farms in Sichuan. pic.twitter.com/xRfqMCgWY1
