Sichuan Power Cuts Cripple Major Chinese Bitcoin Mining Pools
A government mandate in Sichuan province forces energy companies to cut power to 26 identified Bitcoin mining farms, causing major pool hash rates to plummet by up to 37%.
Major Chinese Bitcoin mining pools experience severe operational disruptions as Sichuan province orders energy companies to cut power to local mining farms. Following a meeting between regional energy and technology officials, companies face a strict deadline to halt electricity supply to 26 identified mining operations that rely heavily on the area's abundant hydroelectric power.
The sudden shutdown causes mining speeds to plummet across the industry's top players. Data shows AntPool's hash rate drops by 27.53%, BTC.com falls by 18.34%, and Huobi.pool nosedives by 36.79%. Industry insiders note that approximately 8 million kilowatts of electricity load go offline as the region's mining sector effectively shuts down.
This targeted action against mining facilities represents the latest step in China's ongoing crackdown on cryptocurrencies. Coming just weeks after a similar shutdown in Xinjiang province, these coordinated efforts to eliminate unregulated digital asset operations set the stage for the state to promote its own centralized digital currency, the digital yuan.