As China Cuts Bitcoin Miners, Hidden Miners, and Mysterious Hashrate Return

At first glance, it seems that authorities from five provinces in China have crashed bitcoin miners, no one knows exactly how many hashrate moves, which pools will be affected, or where those miners will go. A number of mining pools have seen hashrate percentages drop, and Bitcoin's overall hash rate has also dropped. On the other hand, the processing power of "unknown" pools has increased a lot, as several known pools have lost hash power. Pool rates falling, overall hash rate falling Reports have come from authorities in provinces such as Inner Mongolia, Xinjiang, Qinghai, Yunnan, and Sichuan ordering bitcoin miners to shut down. The crypto community often assumes that a lot of hashing power comes from China, but exactly how much hashrate is in the country is still a mystery. When it comes to bitcoin mining activities, reporting is sparse and the latest studies are out of date. The hash rate distribution shows that known pools that have disclosed their identities have recently suffered hash power losses. On June 2, 2021, the Bitcoin (BTC) network hashrate was around 191 exahash per second (EH/s), and today it hovers just above the 100 EH/s region. The statistic has dropped below 100 EH/h several times, but has remained fairly stable at this level since June 19th. Pools where hash rates vary significantly include transactions such as the Okex pool, Binance pool, and Huobi pool. The mysterious hash captured 8.63% to 10% of Bitcoin's total hash rate on June 22, 2021. Today, the "unknown" hash rate fluctuates between the seventh and fifth largest hashes in the world. Interestingly, pools like Antpool, F2pool, Viabtc, Poolin, and Btc.com have seen wild fluctuations in terms of hashrate, but remain top-five mining pools worldwide. Considered "Chinese pools", Antpool and Viabtc also have the highest SHA256 hash rate globally of any chain using the SHA256 consensus.

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