The hashrate of the Bitcoin network decreased amid the end of the rainy season in Sichuan province

Analysts expect that with the next recalculation, the complexity of bitcoin mining will significantly decrease, since after the end of the rainy season in the Chinese province of Sichuan, the hashrate of the network has fallen significantly.

Thomas Heller
noted that the decrease in the hashrate of the bitcoin network was 22 Eh/s, which is almost 20% of the total hashrate of the network. If the average hashrate for 7 days is 132.9 Eh/s, then for the last day — only 112.9 Eh/s.

Since the hashrate of the Bitcoin network has significantly decreased, we should expect a drop in the complexity of BTC mining. According to preliminary data, the complexity of mining will decrease by 7-8%. The difficulty recount takes place approximately every two weeks, the next one is expected on November 2.

Sichuan Province is one of the world’s largest bitcoin mining centers. Due to the abundance of hydroelectric power plants in the province, there is a surplus of cheap electricity. However, we are only talking about the rainy season, when heavy precipitation fills the reservoirs. After the end of the rainy season, electricity generation is reduced, and its cost increases, so mining companies turn off some of the equipment or transport it to another area.

Recently reported
about the fact that the company BitCluster will launch a mining farm for bitcoin mining with a capacity of 11.2 MW in the industrial zone of Norilsk. One of the firm’s Chinese clients plans to move bitcoin mining devices from Sichuan Province to Norilsk.