Short-Term Drop after Rainy Season in China

Short-Term Drop after Rainy Season in China

The computing power of bitcoin mining pool has fallen down around 90 exahashes per second. It is taken that, because of the unplugging of some miners from the network, the downfall occurred. But the incident is against of the estimation that says the hash rate would go above by the end of 2019. This fallback has been seen at the end of summer rainy season in China.

It is estimated that because of the cause, the competition for bitcoin mining rewards will come to abate by 1.5 percent when it’s mind adjusting in about seven days. The Bitcoin mining difficulty from August to Oct. resulted in the increment at the high of 13.69 trillion and the possible reason behind the increment has caught to be the increment in miner’s hashing power that made possible by the plenty and inexpensive hydroelectricity in China’s southwestern provinces.

Depending on the hashing power’s increase or decline, mining difficulty adjust itself to go up or down about even two weeks. The possible reason behind the fallback is taken to be the end of this year’s rainy season in China. The situation has led some hydropower stations in the region no longer have the capability to generate enough energy with an eye to supporting mining activities. Even the situation can move to that extent that miners need to shut down operations indeed.

The cost on Hydropower resources has gone up from $0.04 per-kilowat-hour in the summer to around $0.05. The sudden bitcoin price drop of Oct. 23 could have resulted in a large scale of AntMiner S9 has become loser because of the break-down of price between $7,000 to $7,500.The profitability S9 and other similar nodes is a troublesome issue for their utility lifespan. But winter cost of electricity and upcoming bitcoin mining rewards will soon affect it. Some are making efforts to extend the life of S9 miner.

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