On-chain analyst Willy Woo argues a massive power outage in Chinese mining hub Xinjiang drove Bitcoin’s violent crash down to $50,000.
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On-chain analyst Willy Woo argues a massive power outage in Chinese mining hub Xinjiang drove Bitcoin’s violent crash down to $50,000.
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Blackouts for safety inspections in China’s Xinjiang region have significantly impacted the hash rate of many top Chinese Bitcoin mining pools.
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Regional reports say that officials from Inner Mongolia delineated 21 bitcoin mines, as the region plans to stop subsidized electrical rates for certain data firms. Unless the bitcoin mining facilities pack up and migrate, mining farms may see an electrical price increase by one third. The Chinese newsdesk Weixin revealed that bitcoin mining farms located […]
The post Official Notice Says Cheap Electricity to End for Inner Mongolian Bitcoin Miners appeared first on Bitcoin News.
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A China-based crypto news outlet recently published a comprehensive report on the costs associated with building a digital currency mining farm in China. Additionally, the local publication revealed that Chinese miners are starting to migrate north to access cheap thermal power and wind power after the wet season in Sichuan. Also read: RBI Ban Stops […]
The post Chinese Bitcoin Miners Migrate North After Wet Season appeared first on Bitcoin News.
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In recent mining news, AMD has reported declining sales of mining hardware during the second quarter of 2018, Hut 8 has claimed to now comprise the largest bitcoin mining company in Canada by operating power following the construction of its second facility, and Chinese authorities have shut down what they have described as “illegal” mining […]
The post Mining Round-Up: AMD GPU Sales Decline, Hut 8 Claims to be Largest Miner in Canada appeared first on Bitcoin News.
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In recent days a number of conflicting reports have surfaced pertaining to the stance of China’s government with regards to bitcoin mining. Last week, Bloomberg reported that the People’s Bank of China (PBOC) had met to discuss curbing mining operations in China, whilst Chinese media reports denied such – however, it has since emerged that […]
The post Confusion Grows Surrounding Official Chinese Position Regarding Bitcoin Mining appeared first on Bitcoin News.
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