{"id":6466,"date":"2021-06-20T18:53:08","date_gmt":"2021-06-20T18:53:08","guid":{"rendered":"https:\/\/newmoneyreview.com\/?p=6466"},"modified":"2021-07-02T14:03:40","modified_gmt":"2021-07-02T14:03:40","slug":"half-of-bitcoin-miners-go-dark-in-two-months","status":"publish","type":"post","link":"https:\/\/newmoneyreview.com\/index.php\/2021\/06\/20\/half-of-bitcoin-miners-go-dark-in-two-months\/","title":{"rendered":"Half of bitcoin miners go dark in two months"},"content":{"rendered":"

Bitcoin’s hash rate has fallen by nearly half in two months after the Chinese cryptocurrency mining sector was largely shut down.<\/p>\n

Bitcoin hash rate plummets<\/em><\/p>\n

\"\"<\/p>\n

At 102 exahashes per second on June 19, the hash rate was down from a record 198 exahashes per second on April 15, according to data from Coinmetrics.<\/p>\n

An exahash is a million trillion (1018<\/sup>) hashes.<\/p>\n

Bitcoin miners\u2014specially designed computers\u2014perform rapid calculations of the cryptocurrency\u2019s \u2018hashing\u2019 algorithm<\/a>, a form of mathematical guessing game designed to reward the winner with newly minted units of the cryptocurrency. Miners also collect the aggregate transaction fees used in transferring bitcoin.<\/p>\n

The current level of mining activity was last seen in October 2020, when the bitcoin price per dollar was around $13,000. Bitcoin’s market price today was around $34,000.<\/p>\n

The sharp drop in the hash rate reflects a recent shift in the political mood in China, where the majority of bitcoin mining has historically been concentrated.<\/p>\n

On 21 May China’s State Council said<\/a> it would ‘crack down on bitcoin mining and trading behaviour’. The announcement came two days after cryptocurrency markets suffered a dramatic sell-off<\/a>, sending the bitcoin price temporarily below $30,000.<\/p>\n

Two days ago<\/a> the Sichuan government ordered local state-owned power grids to cut off the supply for 26 mining farms by today at the latest.<\/p>\n

A video posted on Chinese social media app WeChat<\/a> showed employees at a bitcoin mining farm in China climbing onto racks of mining equipment to turn the machines off.<\/p>\n

The bitcoin mining industry is subject to dramatic boom\/bust cycles as price movements in the underlying coins translate into larger price swings in the hardware used to produce cryptocurrency.<\/p>\n

During the last (2017-2018) bear market, the price of a popular bitcoin mining machine, the Antminer S9, collapsed by as much as 98 percent<\/a>.<\/p>\n

Sign up here<\/a> for the New Money Review newsletter<\/em><\/p>\n

Click here<\/a> for a full list of episodes of the New Money Review podcast: the future of money in 30 minutes<\/em><\/p>\n

Related content from New Money Review<\/em><\/span><\/p>\n

What powers bitcoin<\/a><\/p>\n

The cat and mouse game of cryptocurrency mining<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Bitcoin’s hash rate has fallen by nearly half in two months after the Chinese cryptocurrency mining sector was largely shut down. 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