Bitcoin Mining Hash Rate Drops to Lowest in 180 Days

Share Article
In Brief
  • Bitcoin mining hash rate has hit a new six month low.

  • The decline in hashrate is attributed to mass shutdowns of BTC mining operations in China.

  • China continues to push its Central Bank Digital Currency (CBDC).

  • promo

    Gravity Dex Protocol: Bringing DeFi to Cosmos

The Trust Project is an international consortium of news organizations building standards of transparency.

Large scale bans in bitcoin mining in China have seen the mining hash rate hit a six-month low.

Sponsored



Sponsored

The total hash rate (TH/s) has hit a new six-month low as China continues its clampdown on bitcoin mining operations within the country. 

The estimated number of tera hashes per second the bitcoin network is performing in the last twenty-four hours hit 127.65M. Down from its peak of 180.66M on May 14. 

Sponsored



Sponsored

China clampdown to blame

The recent clamp down on bitcoin mining within the country appears to be the key driver in the hashrate decline. China has recently taken steps to prevent bitcoin mining in the country by banning large scale mining farms. The move has also seen China prohibit financial institutions from using crypto services. 

Following a large- scale crackdown of miners over the weekend, Antpool had dropped to third behind F2Pool and ViaBTC. While its hashrate plummeted over 37%. Mining pools that saw significant decreases in hash rate power following the wide-spread ban include AntPool, Foundry USA, SlushPool, and OKKONG. Huobi Pool reportedly managed to gain double-digit computing power growth with an increase of 10.74% 

China focuses on CBDC

While the ban has hit local mining operations in the country extremely hard, China continues to make headway with its Central Bank Digital Currency (CBDC). China aims to have the world’s most advanced blockchain technology by 2025, following its recent guidelines for blockchain development. 

China is currently rolling out its CBDC offering through digital yuan lotteries across the country. Beijing residents can apply through a pair of banking apps to win one of 200,000 red packets. With each red packet containing 200 yuan.   

China has also added digital yuan support to over 3,000 ATMs across Beijing. With Two banks in China already offering cash exchange services for the digital yuan.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.
Sponsored
Share Article

Ryan is a Fintech specialist with a passion for cryptocurrencies and blockchain adoption. A keen trader and investor in the market since 2016, he enjoys keeping up to date with the latest developments within the industry while finding the next 100x altcoin.

Follow Author

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go

Market signals, studies and analysis! Join our Telegram Today!

Go