Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Bitcoin News & Updates => Topic started by: Micky on May 22, 2021, 09:33:02 AM
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Earlier in April, an accident at a Chinese coal mine in Xinjiang sent Bitcoin network’s hash rate plummeting 30% in a span of a day, which crippled the major cryptocurrency’s rally.
Now, Bitcoin’s hash rate is suffering a similar loss as miners based in Sichuan, China face limitations on power usage.
The State Grid in Sichuan’s Aba county — which encompasses a significant portion of the region’s hydropower — issued a notice earlier this week that required local enterprises and households to limit their power consumption as the province was met with a surging utility demand.
The notice was specifically aimed at all operations located in the region’s “Hydro-electricity Consumption Industrial Demonstration Zone.”
These zones were created by the government as a form of incentive for “power-intensive industries” to utilise cheap hydroelectricity during summer months. Many of the Bitcoin mining facilities were allegedly operating in these government-sanctioned industrial zones.
Sorce (https://cryptonews.net/en/news/bitcoin/683200/)