China’s Coal Standoff Causes Power Shortages, Chinese Bitcoin Miners ‘Heavily Affected’

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Regional reports from China report that Bitcoin miners are running out of electricity in certain areas of southern China. The country has had massive problems with the rise in coal prices on the mainland as the Chinese government has not allowed coal carriers to sail into ports. Due to the extensive power shortage, the mining activities were threatened by emergency rationing measures.

While Bitcoin (BTC) prices hit an all-time high this week and the hashrate of the entire network has skyrocketed, reports are reporting that Chinese miners have had problems with power outages. 8btc.com finance columnist Lylian Teng said that while miners are dealing with the shortage of mining equipment and components, some parts of China are also lacking electricity.

Teng’s report describes that the cause of the electricity problems lies in the Chinese government’s stalemate with the world’s largest coal countries. Coal-carrier seafarers have been stranded for months, and Teng said, “Provinces in southern China have implemented emergency power rationing measures.”

“In such circumstances, power-hungry Bitcoin mining activities are hardest hit,” Teng said. “In addition to the trade breaks between China and Australia, Russia is said to have cut power transmission to China this year due to the extremely cold weather in Russia, and the regions that consume Russian power are concentrated in southern China. This will only increase the pressure on the electricity supply in China. “

Bitcoin (BTC) recently hit a high of $ 28,378 per unit on December 27, 2020, but has fallen a little after the recent high. On Sunday, the total hashrate was between 130 and 145 exahashes per second (EH / s). On Sunday afternoon, the network difficulty was around 18.67 T (18,670,168,558,399), but it also changed today and was only a little lower at 18.65 T.

With 18 miners devoting processing power to the BTC network, a lion’s share of the top miners in terms of Exahash per second are from China. F2pool has the highest hashrate at 19.7% of the distribution or 25.9EH / s. This is followed by Binance Pool (16.15 EH / s), Antpool (13.11 EH / s), Viabtc (12.80 EH / s) and Btc.com (11.89 EH / s).

Despite recent reports that China is losing its share of BTC processing power, the Cambridge Bitcoin Electricity Consumption Index (CBECI) map shows that China still owns 65% of the hashrate today. While some small miners suffer from power outages, the SHA256 hash rate is still humming at above-average speeds around the world.

What do you think of Chinese miners who are struggling with blackouts in southern China? Let us know what you think on this matter in the comments section below.

Tags in this story

Bitcoin Miners, Bitcoin Mining, Bitcoin Mining Operations, BTC Mining, CBECI Card, China Coal, China Mining, Chinese Miners, Coal Standoff, Cryptocurrency, Electricity Shortage, Electricity, Power Consumption, Rationing, South China

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