Bitcoin Hash Unmoved by Chip Shortages and Iran Blackouts – Trustnodes

Bitcoin Hash Unmoved by Chip Shortages and Iran Blackouts


Bitcoin's hashrate, January 23 2021

The bitcoin hashrate appears to be unperturbed even as reports come out of Iran seising asics or closing farms.

On January 14th, Iranian officials announced a two weeks power-cut of a China co-owned mining farm run by Iran & China Investment Development Group, as well as others.

However, more than a week later the hashrate hardly seems to reflect it as pictured above, with it falling slightly from a new all time high of 155 petahashes a second to 146 Ph/s.

That seems to be just usual variance, potentially because miners seem to be consuming very little energy with Iran’s Minister of Energy Reza Ardakanian stating the country consumes 38,000MW while total mining energy consumption is at just 300 MW.

That could potentially be because many of these miners use their own power supply, with the recent blame of miners for power cuts in Iran probably more politics than reality.

Iran is trying to incorporate bitcoin for international trade, something that plenty might not like very much, but so far much of this bitcoin mining pressure in Iran seems to be too little of the global hashrate to matter.

What could potentially matter is the chip shortage caused by the lockdowns. Northern Europe has been far too strict to the point it has even closed factories, so now everything from car production to asics is being affected.

Prices have doubled or more for even second hand mining machines, with Bitmain running out and new orders expecting fulfillment by summer.

“There are not enough chips to support the production of mining rigs,” said Alex Ao, vice president of Innosilicon.

This could affect the hash but more its increase, hence it is not being reflected as it does not affect current machines.

It may however be a lesson in regards to geographical centralization and on whether there is such a thing as too much specialization.

Thats especially where it concerns an industry like bitcoin mining as even chip manufacturing may be profitable, so new startups could potentially take advantage of the situation.

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