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Title: Hashrate going down Post by: Gabrics on April 22, 2021, 05:32:58 AM Hi,
I think this has never happened before: 15-25% percent DECREASE in hash rate when price is around ATH. As a result blocks are mined slower, fees are high (until next retarget). https://diff.cryptothis.com/ Does our collective brain have any idea what's going on? My guess is: Inner-Mongolia said "stop mining by end of April". That province was guessed to host a few % only, maybe it is happening and it was much more hosted there? Cheers, Title: Re: Hashrate going down Post by: mikeywith on April 22, 2021, 06:08:07 AM Does our collective brain have any idea what's going on? I thought that by now everyone and their grandmother have heard about the coal mine explosion in China, a detailed explanation which I posted in the uncensored difficulty topic can be found here: To answer your question, first of all, the coal mine explosion in China (Xinjiang ) is real, pools reported an average of 25-30% drop in their reported hashrate right after the explosion, the hashrate drop happened to ALL sha256 coins, along with BCH price going up against BTC and what seemed like a larger drop in BCH hashrate compared to BTC percentage-wise, mining BCH was about 25% or more profitable than mining BTC. More hash power was migrating from BTC which has already lost enough hashrate to other more profitable "back then" coins, which contributed more to the hashrate drop in BTC, but the migrating has a small impact compared to the mine explosion, why do I say so? because more than 30EH was gone from SHA256, all the other Altcoins combined don't make up 5EH of it, so even if they were 100% more profitable only 5EH would have migrated before we reach to an equilibrium of profitability across all SHA256 coins. Title: Re: Hashrate going down Post by: Gabrics on April 22, 2021, 06:19:17 AM Yes, I have heard that ;). But seems to be made up/partial reason.
I mean this is one coal mine which was mining coal, not generating power. Power generators have (hopefully even in China) weeks stored on site. Also I am sure that there are hundreds or thousands of coal mines in Chine. So I just really don't believe that one tragedy in one mine can have an affect this big. We will see I guess as this is all supposed to be back online in days as this happened almost a week ago. Not that I miss this hashrate, less in China would be probably good. Does our collective brain have any idea what's going on? I thought that by now everyone and their grandmother have heard about the coal mine explosion in China, a detailed explanation which I posted in the uncensored difficulty topic can be found here: To answer your question, first of all, the coal mine explosion in China (Xinjiang ) is real, pools reported an average of 25-30% drop in their reported hashrate right after the explosion, the hashrate drop happened to ALL sha256 coins, along with BCH price going up against BTC and what seemed like a larger drop in BCH hashrate compared to BTC percentage-wise, mining BCH was about 25% or more profitable than mining BTC. More hash power was migrating from BTC which has already lost enough hashrate to other more profitable "back then" coins, which contributed more to the hashrate drop in BTC, but the migrating has a small impact compared to the mine explosion, why do I say so? because more than 30EH was gone from SHA256, all the other Altcoins combined don't make up 5EH of it, so even if they were 100% more profitable only 5EH would have migrated before we reach to an equilibrium of profitability across all SHA256 coins. Title: Re: Hashrate going down Post by: Bitfort on April 22, 2021, 06:52:21 AM Partially could be hashnest. I don't know what their complete hashrate is, but it's not any small home miner.
They announced outage from 16-Apr (https://bitcointalk.org/index.php?topic=766448.msg56816997#msg56816997) (powerplant inspection or something ) and still didn't ann being back online. Title: Re: Hashrate going down Post by: NotFuzzyWarm on April 22, 2021, 05:13:23 PM @ OP,
Ya know there is already a couple more developed discussions about this topic speculating as to what's up... One starts here (https://bitcointalk.org/index.php?topic=5307087.msg56799801#msg56799801) (please keep main topic as BTC in replies) and another here (https://bitcointalk.org/index.php?topic=5331454.msg56812967#msg56812967) that allows altcoins in the discussions Title: Re: Hashrate going down Post by: mikeywith on April 23, 2021, 01:22:45 AM Yes, I have heard that ;). But seems to be made up/partial reason. That was my initial guess, but I had to dig a little further, the explosion was very serious, it killed 12 people and about 20 miners are trapped, and this was not the first explosion this year, this seems to have led the authorities to want to investigate the matter. As a precaution, coal-based power stations in these regions have also started conducting self -inspection over security measures and have subsequently cut off power for big data centers in the area. So while the explosion did not cause a black-out in the entire Xinjiang region, it did cause a major shutdown in most coal power stations, as the same article reads: Quote The founder of Chinese bitcoin exchange AEX, who only goes by 37 Degrees on Weibo and also owns bitcoin mining farms in China, said on the social media that "big data centers in Xinjiang have basically all been shut down to conduct safety drills." Although bitcoin mining farms in the region don't have security issues themselves, the major coal mine incident in Xinjiang's Hutubi County has caused power suspension at least for the time being. Partially could be hashnest. I don't know what their complete hashrate is, but it's not any small home miner. They announced outage from 16-Apr (https://bitcointalk.org/index.php?topic=766448.msg56816997#msg56816997) (powerplant inspection or something ) and still didn't ann being back online. hashnets's farm is also located in Xinjiang and so it has no power to operate, and they won't have it until the "inspection" on coal-based plants is over and they are given the green light to turn them back on. Title: Re: Hashrate going down Post by: Gabrics on April 23, 2021, 08:01:11 AM Interesting/sad. Thanks for sharing!
If this is the case we won't see those cheap used S17s I was hoping for ;) Title: Re: Hashrate going down Post by: kano on April 23, 2021, 08:52:19 AM ... You mean the most unreliable miner released in the last few years?If this is the case we won't see those cheap used S17s I was hoping for ;) No one in their right mind would buy a 2nd hand S17 ... no doubt it was either failing already or they thrashed it overclocking it. |