On Monday, November 9, the Bitcoin network’s hash rate rose from 112.6 EH/s to 164.5 EH/s, according to data from Coinwarz. For the day, the figure gained about 46%.
Source: Coinwarz.
As of writing, the hash rate had declined slightly from the peak and stood at 148.7 EH/s.
The analyst Jason Deane of Quantum Economics suggested that the sharp jump in hash rate was linked to the connection of a large number of ASIC miners to the network after the Sichuan migration.
Whoa! big jump in #bitcoin hash rate over last 10 hours (+29.7% trough to peak) Large number of machines just came online somewhere, relocated Sichuan region miners possibly? pic.twitter.com/UKahgQ37Tm
— Jason Deane (@JasonADeane) November 9, 2020
According to him, mining electricity contracts in this Chinese province typically end on October 25.
Earlier, occurred a significant drop in hash rate. NovaBlok mining pool analysts said in comments that this demonstrates how much Bitcoin mining capacity migrates annually in light of Sichuan’s rainy season.
In May, the University of Cambridge team launched an interactive map tracking Bitcoin mining hubs. As of April, before the Sichuan flood season began, the largest share of the network’s total hashrate was generated in the Xinjiang Uygur Autonomous Region of China — more than 35%.
As noted, in the wake of the hashrate decline due to miners migrating to China, occurred the largest mining difficulty drop since 2011.
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