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25 May 2020

Bitcoin Hashrate Slides 33% Since Halving - Difficulty Drops, Issues in Sichuan China | Mining Bitcoin News

Bitcoin Hashrate Slides 33% Since Halving - Difficulty Drops, Issues in Sichuan China | Mining Bitcoin News

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With more than 33% of the hashrate lost, reports stemming from Sichuan China indicate that bitcoin mining operations have been dealing with electrical shortages, and some operations have been forced to shut down machines.

Chinese bitcoin miners have always flocked to Sichuan, and the region is probably one of the most densely populated mining operation locations worldwide.

lylian Teng reports that the local Sichuan government has been complaining that the region’s electrical load has increased by 22%.

Teng discussed the subject with local mining operations who have told her that the “rainy season this year has delayed and the prolonged high temperatures in Sichuan have led to a surge in electricity demand.”.

Another report notes that bitcoin mining in the province may be “attracting too much attention” and assumes a government “crackdown” could come to fruition.

A leaked Sichuan government document indicates that local officials believe bitcoin miners are taking advantage of the region’s cheap electricity.

“The notice has since surfaced which indicates that the province’s top finance regulator, Sichuan Financial Office has requested local governments to make an orderly exit from supporting bitcoin mining,” lylian Teng’s second report discloses.

The latest news on alleged crackdowns in Sichuan, follows the report that had shown the local government of Ya’an city in China’s Sichuan province, was encouraging bitcoin mining throughout the province.

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