Bitcoin hashright is growing again with the return of the Chinese miners

12.11.2020
Hashreit Bitcoin grew by 30% as Chinese companies reconnected ASIC-miners transported from Sichuan province where the rainy season ended;

In late October and early November, the Bitcoin hash rate significantly decreased. This is due to the fact that in China’s Sichuan province, one of the world’s largest Bitcoin mining centers, the rainy season is over and with it — cheap electricity for miners. Mining companies have started cutting off some equipment or moving it to other regions;

However, on November 11, hashretstock growth of more than 30% from the recent quarterly low achieved on November 2 was recorded. By
data BTC.com now hashway Bitcoin is 126.73 EPS. According to Alejandro De La Torre, vice president of Poolin, «a large percentage» of all devices disconnected before the end of October are back online;

«Of course, there are miners that need more time to re-deploy operations,» he added. «However, most people manage to «move» within two weeks»;

For most miners, the migration process is not very complicated, said co-founder of Luxor Technology’s mining company Ethan Vera. Many Sichuan miners are moving their devices to Inner Mongolia, Xinjiang and other regions;

«Most of the maintainers can indeed move and reconnect their ASICs in less than two weeks,» he said;

De La Torre said the miners are returning to Inner Mongolia, Xinjiang, Tibet and other regions to use fossil fuel or geothermal energy sources. But this year’s migration of the Miners is different from previous years. As Vera noted, «some Chinese miners have decided to leave China at all». He called Iran, Kazakhstan and Venezuela popular jurisdictions with cheap electricity;

«The Chinese are very pleased with the placement of their miners in Iran and Kazakhstan in cooperation with local partners,» Vera said;

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According to Qingfei Lei, F2Pool Marketing Director, the rapid increase in hash rate should continue over the next few weeks. «Most ASIC majors are back online, but not all of them,» said Lei;

Let us remind you that on November 3, as a result of another recalculation of bitcoin mining complexity, it was reduced
by 16.05% to 16.78 trillion units. This was the biggest decrease in complexity since 2011. Now a positive correction of complexity is expected on November 16 as the network reacts to the growth of hash rate. At the current rate of block creation, the increase in complexity will be about 6%, but the growth may exceed 8%;