The Bitcoin hashrate plunged over the weekend following a clampdown on cryptocurrency mining by the southwestern Chinese province of Sichuan. An order issued on Friday is the latest move by Chinese authorities against the country’s beleaguered crypto mining sector, which has been the target of regulatory action for several months.
Fast facts:
- According to bitinfocharts.com, the Bitcoin hashrate plunged to 91.2189 exa hashes per second on Sunday from 112.625 EH/s last Friday.
- BTC.com data showed that some major China-based mining pools were experiencing hashrate drops. Poolin, for instance, saw a 13.46% decline in its hashrate in the 24 hours up to press time, while BTC.top recorded a 29.35% drop, according to BTC.com.
- The Bitcoin hashrate plunge comes as Sichuan last Friday ordered the local unit of the State Grid to conduct inspections and cut power supplies to 26 mining projects.
- Sichuan is the latest province to be hit by a crypto mining clampdown. Yunnan’s energy authority this month announced a campaign to end unauthorized electricity use in Bitcoin mining. The local government of Changji Prefecture, in Xinjiang, and the governments of Qinghai and Inner Mongolia ordered miners to cease operations earlier this month.
- China has recently taken numerous steps to rein in the cryptocurrency sector, which has been involved in an increasing number of scams. The Ministry of Public Security said earlier this month that more than 1,100 people suspected of involvement with predatory scams related to cryptocurrencies and money laundering activities had been arrested.