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Bitcoin hashrate surges to all-time high after Chinese government pressures miners to scale down

Just after regional authorities reportedly urged Bitcoin miners to reduce electricity consumption in Sichuan — a province that could account for up to 50 percent of global hash power — BTC’s hash rate rocketed to a new all-time high.


Asia Times reported December 29th that Sichuan state authorities held a meeting with local power operators and mining companies with the aim of having mining operations scaled down during the dry season, which lasts from October until April.


Sichuan’s oversupply of hydropower energy in the wet season, and its cool climate, have made the southwestern province China’s top mining destination. During the dry season, mining firms reportedly tend to relocate to other provinces reliant on thermal power.


Shortly after the purported meeting Bitcoin’s hash rate hit an all-time high of 119 million terahashes per second on January 1st, according to data from Blockchain.com, razing the previous record of 114 terahashes set on December 24th. Read More...

Bitcoin hashrate surges to all-time high after Chinese government pressures miners to scale down
Bitcoin hashrate surges after China clampdown

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