Bitcoin hash rate falls sharply as Sichuan’s rainy season ends

According to the portal BitinfoCharts, since October 24 the Bitcoin hash rate has fallen by about 27% — from 148.8 EH/s to 108.9 EH/s. Experts linked the significant drop to the seasonal migration of miners in China.

Source: BitinfoCharts.

HASHR8’s Chief Operating Officer Thomas Heller noted that October 25 marked the end of the rainy season in Sichuan, and many miners began relocating BTC mining capacity to Inner Mongolia or abroad.

All eyes on the hashrate. For many mining farms in Sichuan, hydro season 丰水期 ended on Oct 25. Many miners will move to Xinjiang, Inner Mongolia, or abroad. Some Sichuan farms will get 1 month of 平水期 (normal water level) & others will have 枯水期 (low water level) until May! pic.twitter.com/CJQryamG4j

— Thomas Heller (@thomasheller_) October 26, 2020

According to his assessment, based on statistics from the ten leading mining pools, the total hash rate of devices temporarily offline from the network is about 22 EH/s.

Foundry’s Vice President of Business Development Kevin Zhang cited data supporting this figure. According to them, the average hash rate over the past 7 days was 132.86 EH/s, and over the past 24 hours — 112.89 EH/s.

Source: Twitter.

NovaBlock mining pool specialists also noted that this sizeable drop demonstrates how much mining capacity migrates during Sichuan’s rainy season.

Large drop in hashrate across all Bitcoin mining pools further exemplifying the amount of hashrate in China that migrates during wet season. #bitcoin #btc #miningpools #novablock #hashrate pic.twitter.com/z6TzBc294R

— NovaBlock (@nova_block) October 26, 2020

According to BTC.com, at the next adjustment of mining difficulty the metric will fall by 4.34%. Heller posted a forecast of a 7.4%–8.8% drop in difficulty.

Earlier in August, floods in Sichuan led to a drop in the hash rate of the largest pools.

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