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The hash power of the Bitcoin (BTC) network has increased by around 30% in the past 24 hours, which, if argued, suggests that a major fix may be on the way soon.
According to Coinwarz, Bitcoin’s hash rate currently stands at 157.5 exahashes per second (EX / s) after briefly pushing above 160 EH / s. As of this writing, BTC hash potency has increased by 42% in two days.
The peak follows a sharp decline in hash power in late October, which many analysts have attributed to the end of the rainy season in China’s Sichuan mining hub.
The province’s abundant and cheap hydroelectric power is estimated to attract around 80% of China’s miners during the rainy season. In December, CoinShares estimated that Sichuan accounted for 54% of global mining activity.
Quantum Economics analyst Jason Deane speculated that Bitcoin’s sudden increase in hash power could be a sign that many Chinese miners have completed their migration from Sichuan and restored operations in other local mining hubs such as Xinjian and Inner Mongolia. .
Whoa! big leap forward #bitcoin hash rate in the last 10 hours (+ 29.7% from low to high) A large number of machines just came online somewhere, perhaps the Sichuan region miners relocated? pic.twitter.com/UKahgQ37Tm
– Jason Deane (@JasonADeane) November 9, 2020
The sudden surge in mining activity suggests that the network is likely to produce another significant difficulty adjustment.
A major upward adjustment would come to the chagrin of non-Chinese miners who enjoyed higher profits after the apparent October migration from Sichuan resulted in a negative 16% difficulty adjustment, the second largest downward adjustment in Bitcoin history. .
Earlier this week, Russian company En + Group, the world’s largest hydropower generator for the private sector, announced it would launch a cryptocurrency mining venture in partnership with local company, BitRiver.
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