Sichuan Mining Firms Start to Shut Down – Seven-Day Statistics Show Bitcoin Hash Rate Dropping

The Bitcoin network hash rate has been falling steadily since June 14 and after miners in Sichuan were told to cease their operations. Sichuan is the second-busiest province in China with most miners, according to data from the University of Cambridge. Bitcoin's hash rate is now hovering just over 100 exahash per second (EH/s). Bitcoin Hash Rate Continues to Drop as Sichuan Farms Shutdown The Bitcoin network hashrate has been falling steadily. This seems to be due to the closure of several cryptocurrency farms in several provinces, including Sichuan. According to regional publication 8btc, the Sichuan Development and Reform Commission and Energy Bureau announced on Sunday that they will shut down the operation of 26 suspected cryptocurrency mining and virtual currency projects. Sichuan bitcoin miners are a historical event, mining elsewhere during the 12-year lifetime of leading crypto assets. Bye 👋 pic.twitter.com/3JrM5qw0E7 — 8BTCnews (@btcinchina) Jun 19, 2021 Statements from mining experts show that the situation is dire for large mining operations. These are most affected by the inability to move their activities quickly. Hashrate numbers from Chinese pools also fell: Antpool, Btc.com, Binance Pool, Huobi Pool and Btc.top suffered significant losses in their respective hashrate. As a result, the Bitcoin hash rate is currently hovering above 100 EH/s, about 50% below its all-time high. Bitcoin price is also stagnant due to fears of more mines closing in the country. The price of Bitcoin is between $33,000 and $34,000 at the time of writing. Other currencies are also feeling the heat and facing huge losses. Location opportunities emerge Sichuan is the fifth Chinese province to shut down cryptocurrency mining-related projects. Before Sichuan, both states announced the shutdown of all cryptocurrency mining projects: Inner

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