Regional reports from China indicate that bitcoin miners in certain areas of southern China are short of electricity. The country has had tremendous problems with rising coal prices across the mainland as the Chinese government does not allow coal transporters in ports. Due to major power shortages, mining activities are threatened by emergency power rationing measures.
This week, while bitcoin (BTC) prices hit record highs and the overall network hashrate has skyrocketed, reports say Chinese miners have had problems with electricity shortages. Lylian Teng, financial columnist for 8btc.com, explained that while miners face shortages of mining equipment and components, there is also a shortage of electricity in some parts of China.
Teng’s report states that the reason for the electricity problems is due to the Chinese government deadlock with the the world’s largest coal countries. Coal-ship sailors have been stranded for months, and Teng said “provinces in southern China have taken emergency power measures.”
“Under such conditions, energy-hungry bitcoin mining operations are the hardest hit,” Teng explained. “In addition to the trade frictions between China and Australia, it is said that due to the extremely cold weather in Russia this year, Russia has cut electricity transmission to China and that the regions that use Russian electricity are concentrated in southern China, putting pressure on the power supply. will only increase in China. “
Bitcoin (BTC) recently hit a peak of $ 28,378 each on December 27, 2020, but has fallen somewhat after its recent high. On Sunday, the overall hashrate soared high to between 130 and 145 exahash per second (EH / s). On Sunday afternoon, the network difficulty hovered around 18.67T (18,670,168,558,399) but also changed today, hitting just a little lower at 18.65T.
With 18 mining operations dedicating processing power to the BTC network, a lion’s share of the top miners in terms of exahash per second, come from China. F2pool commands the most hashrate with 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 has its share of BTC processing power, Cambridge Bitcoin Electricity Consumption Index (CBECI) map still shows China commands 65% of the hashrate today. While some small miners may be facing power shortages, the overall SHA256 hashrate worldwide is still humming faster than average.
What do you think of Chinese miners who have problems with electricity shortages in South China? Let us know what you think about this topic in the comments below.
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