This has been expected honestly. Since before that their energy company noticed the shortage, they were actually complaining in their community as it would affect their hash rate big time.
It just hurts that the location where the accident happened is the same location where the miners are located. Very unfortunate for the community. 50% is too much and will definitely cost a fortune. I guess if they could find alternative energy to provide power to the mining equipment would definitely reduce the risk at least.
Topic: April 15th Price Drop, Hash Rate Drops As Blackouts Instituted In China - page 2. (Read 271 times)
April 22, 2021, 07:34:41 AM
April 22, 2021, 06:58:21 AM
OP,I don't get your theory.
So you think that a power outage,which was caused by coal mine accidents means that China tries to crash the Bitcoin price?This doesn't make sense.
Are the coal mine accidents real or the Chinese government is fabricating an excuse,in order to shut down power supply to the Bitcoin miners?
I do believe that the coal mine accidents are real,which means that this hash rate drop(and price drop) isn't caused deliberately by the Chinese government.However,the possibility of China attacking cryptocurrency mining remains.
So you think that a power outage,which was caused by coal mine accidents means that China tries to crash the Bitcoin price?This doesn't make sense.
Are the coal mine accidents real or the Chinese government is fabricating an excuse,in order to shut down power supply to the Bitcoin miners?
I do believe that the coal mine accidents are real,which means that this hash rate drop(and price drop) isn't caused deliberately by the Chinese government.However,the possibility of China attacking cryptocurrency mining remains.
i dont even know what u talking about, what coal mine you mean ?, well, about price, since the beginning , HashRate of mining its represent the price of bitcoin. to make it simple , hashrate is a kind of production cost in normal mining, the more miners are operating, the bigger the hashrate is created and it requires high production costs for the tool and its electricity, and of course bitcoin more valuable because it.
April 22, 2021, 06:18:37 AM
OP,I don't get your theory.
So you think that a power outage,which was caused by coal mine accidents means that China tries to crash the Bitcoin price?This doesn't make sense.
Are the coal mine accidents real or the Chinese government is fabricating an excuse,in order to shut down power supply to the Bitcoin miners?
I do believe that the coal mine accidents are real,which means that this hash rate drop(and price drop) isn't caused deliberately by the Chinese government.However,the possibility of China attacking cryptocurrency mining remains.
So you think that a power outage,which was caused by coal mine accidents means that China tries to crash the Bitcoin price?This doesn't make sense.
Are the coal mine accidents real or the Chinese government is fabricating an excuse,in order to shut down power supply to the Bitcoin miners?
I do believe that the coal mine accidents are real,which means that this hash rate drop(and price drop) isn't caused deliberately by the Chinese government.However,the possibility of China attacking cryptocurrency mining remains.
April 22, 2021, 06:05:42 AM
It’s a great share! Thanks for this as I was wondering myself why the hell my portfolio is so down and why it is always me whenever I invest the crypto goes down. 
Doing a DCA might help with that feeling. Just buy regularly and forget it for a few months or years. History showed that you could gain a lot of money doing DCA instead of trying to swing trade your bags. April 22, 2021, 05:44:26 AM
Good day to buy the dips I believe. Probably price would be back in a week or two with higher ATH aims. I thought for a day that these drops were caused by pretty big company who sells off their coins and taking profits.
April 21, 2021, 10:38:53 PM
It’s a great share! Thanks for this as I was wondering myself why the hell my portfolio is so down and why it is always me whenever I invest the crypto goes down.
Now I know that it’s not my bad luck but it’s a technical glitch in the matrix!! So I’m pretty safe if we consider that this is temporary problem. Once the mining operations restore themselves to the original values it would just pump the whole crypto currencies to all new level. There will be surge for the buying and FOMO investment as the change would be major.
Definitely this one is not Chinese plot, from the news it’s clear that they wanted to do proper auditing of their infrastructure. Nothing bad in that considering the safety protocols.
So yeah, we are pretty good to go for the next pump soon.
Now I know that it’s not my bad luck but it’s a technical glitch in the matrix!! So I’m pretty safe if we consider that this is temporary problem. Once the mining operations restore themselves to the original values it would just pump the whole crypto currencies to all new level. There will be surge for the buying and FOMO investment as the change would be major.
Definitely this one is not Chinese plot, from the news it’s clear that they wanted to do proper auditing of their infrastructure. Nothing bad in that considering the safety protocols.
So yeah, we are pretty good to go for the next pump soon.
April 21, 2021, 10:35:09 PM
Speaking of China, I wonder when they will finally ban all activities related to cryptocurrency. They keep strengthen the regulations but I guess it does not make any sense since bitcoin mining farm seems to develop in this uptrend
Most likely, China won't "ban all activities related to cryptocurrency." If at all, it might be the other way around. China is apparently getting more friendly toward Bitcoin. While China remains adamant in not accepting Bitcoin as a currency, at least it has already recognized it as an investment alternative. This alone is a very welcome gesture which should somehow send encouraging signals to its local market to consider Bitcoin as an investment option. This will definitely have an effect to the price.
As to the blackouts, I don't think they are a huge problem. As a matter of fact, if this ends up to be recurring and proves to be a bigger problem than what it seems right now then a big exit movement would start. That would still be welcome.
April 21, 2021, 10:27:31 PM
So the blackout had a decent impact on the price of bitcoin, I guess. A huge drop like this is a good indicator for whales to sell their bitcoin to create FUD, especially in the beginning of Q2. After taking profit, many of them may have had collected more and more bitcoin. I'd rather consider this event as a good opportunity to accumulate cheap bitcoin and altcoins.
For someone like me who doesn't have a lot of bitcoin, I believe that it is a golden opportunity to buy because you get more value out of your money, and you will get bigger profits in the long-term which is proven already by the price of bitcoin overtime. 
April 21, 2021, 10:17:20 PM
So the blackout had a decent impact on the price of bitcoin, I guess. A huge drop like this is a good indicator for whales to sell their bitcoin to create FUD, especially in the beginning of Q2. After taking profit, many of them may have had collected more and more bitcoin. I'd rather consider this event as a good opportunity to accumulate cheap bitcoin and altcoins.
Speaking of China, I wonder when they will finally ban all activities related to cryptocurrency. They keep strengthen the regulations but I guess it does not make any sense since bitcoin mining farm seems to develop in this uptrend
Speaking of China, I wonder when they will finally ban all activities related to cryptocurrency. They keep strengthen the regulations but I guess it does not make any sense since bitcoin mining farm seems to develop in this uptrend
April 21, 2021, 07:49:37 PM
Quote
The blackouts were necessitated because of a “comprehensive power outage safety inspection” in Xinjiang, per the Wu Talk report. Local news outlet Xinhuanet that the National Mine Safety Supervision Bureau has reported three recent coal mine accidents, including an April 10 “water penetration accident” in Xinjiang that caused 21 people to be trapped.
Significantly, the Xinjiang and Sichuan regions of China combined account for more than 50 percent of the overall Bitcoin mining hash rate, according to Primitive Crypto partner Dovey Wan. Operations based in China comprise the majority of global mining power.
This impact that this blackout may have had on Bitcoin’s price, which had recorded a 1.5% drop in value in the last 24 hours, raises questions about the level of centralization of the Bitcoin network's hashing activity.
https://www.nasdaq.com/articles/bitcoin-mining-hash-rate-drops-as-blackouts-instituted-in-china-2021-04-16
Significantly, the Xinjiang and Sichuan regions of China combined account for more than 50 percent of the overall Bitcoin mining hash rate, according to Primitive Crypto partner Dovey Wan. Operations based in China comprise the majority of global mining power.
This impact that this blackout may have had on Bitcoin’s price, which had recorded a 1.5% drop in value in the last 24 hours, raises questions about the level of centralization of the Bitcoin network's hashing activity.
https://www.nasdaq.com/articles/bitcoin-mining-hash-rate-drops-as-blackouts-instituted-in-china-2021-04-16
As blackouts were planned by the administration due to recent accidents, there isn't much to worry about. After the safety inspection it is most likely that the power supply will come back as before and hash rate will raise again.
As this problem looks only temporary, hash rate and fees will come back to normal in a few days or weeks.
Everything related to China is commonly misunderstood and generates a lot of FUD when BTC related.
BTC fundamentals look as solid as ever!
April 21, 2021, 05:51:00 PM
Quote
Local news outlets have tied a recent dip in the bitcoin mining hash rate to government-instituted blackouts in China.
Regional blackouts instituted in Northwest China may be the cause of a drop in hash rate from several China-based bitcoin mining operations, per local media outlet Wu Talk.
According to a BTC.com screenshot shared by Wu Blockchain, the hash rate of several major bitcoin mining pools has dropped significantly. As of yesterday, Antpool’s hash rate had crashed by 24.5% in a 24-hour period, Binance Pool by 20%, BTC.com by 18.9% and Poolin by 33%.
The blackouts were necessitated because of a “comprehensive power outage safety inspection” in Xinjiang, per the Wu Talk report. Local news outlet Xinhuanet that the National Mine Safety Supervision Bureau has reported three recent coal mine accidents, including an April 10 “water penetration accident” in Xinjiang that caused 21 people to be trapped.
Significantly, the Xinjiang and Sichuan regions of China combined account for more than 50 percent of the overall Bitcoin mining hash rate, according to Primitive Crypto partner Dovey Wan. Operations based in China comprise the majority of global mining power.
This impact that this blackout may have had on Bitcoin’s price, which had recorded a 1.5% drop in value in the last 24 hours, raises questions about the level of centralization of the Bitcoin network's hashing activity.
https://www.nasdaq.com/articles/bitcoin-mining-hash-rate-drops-as-blackouts-instituted-in-china-2021-04-16
Regional blackouts instituted in Northwest China may be the cause of a drop in hash rate from several China-based bitcoin mining operations, per local media outlet Wu Talk.
According to a BTC.com screenshot shared by Wu Blockchain, the hash rate of several major bitcoin mining pools has dropped significantly. As of yesterday, Antpool’s hash rate had crashed by 24.5% in a 24-hour period, Binance Pool by 20%, BTC.com by 18.9% and Poolin by 33%.
The blackouts were necessitated because of a “comprehensive power outage safety inspection” in Xinjiang, per the Wu Talk report. Local news outlet Xinhuanet that the National Mine Safety Supervision Bureau has reported three recent coal mine accidents, including an April 10 “water penetration accident” in Xinjiang that caused 21 people to be trapped.
Significantly, the Xinjiang and Sichuan regions of China combined account for more than 50 percent of the overall Bitcoin mining hash rate, according to Primitive Crypto partner Dovey Wan. Operations based in China comprise the majority of global mining power.
This impact that this blackout may have had on Bitcoin’s price, which had recorded a 1.5% drop in value in the last 24 hours, raises questions about the level of centralization of the Bitcoin network's hashing activity.
https://www.nasdaq.com/articles/bitcoin-mining-hash-rate-drops-as-blackouts-instituted-in-china-2021-04-16
....
A thread was posted on this topic in the bitcoin discussion section days ago. It only received a handful of replies. Many are still wondering what caused the drop. Posting this in the hope it helps answer questions.
It should be acknowledged that china has been a prime mover in many of bitcoin's largest price drops throughout history. The big drop around the time of the 1st silk road closing and Ross Ulbricht's arrest could partly be attributed to china banning banks from trading bitcoin in 2013.
It is even possible that china fabricates fake news to negatively influence bitcoin's price. As occurred with false stories of binance offices in shanghai being raided back in 2019.
China may be assuming a softer public tone to minimize negative public backlash associated with their numerous attempts to kill bitcoin's value over the past 10 years. I don't know if they need worry. Most appear to have forgotten china was ever involved.
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