Sichuan mining farms will all be closed in the early morning of June 20 according to local crypto media, bringing an end to an era.
At midnight on June 20th Shanghai time, all bitcoin and other crypto mining facilities in Sichuan will be collectively powered off.
Bitcoin miners who are too late to move the rigs will suffer huge losses as a result. Sichuan is the biggest region of Bitcoin miners in China and even in the world. Industry insiders said:
“With the shutdown of Sichuan mining, the most tragic moment for miners in blockchain history is ushered in. How far-reaching is the historical significance of this time? You will know.”
According to QKL123 data, the current Bitcoin network average computing power is 129.52 EH/s, which is 34% lower than the historical high of 197.61 EH/s (May 13).
At the same time, according to OKLink, the top ten Bitcoin mining pools with a Chinese background, such as AntPool, Poolin, Binance, and Huobi Pool, have dropped sharply in their computing power, and dropped by 21.05%, 16.45%, 25.15% and 31.19% in the past 24 hours.
The Chinese mining industry is thought to be worth in the tens of billions, with giants like Bitmain credited for advancing the semiconductors industry.
It hosted at one point around 90% of the hashrate, with it now thought to be around 40%-50%.
All such industry miners are to close, making it the “darkest moment” for bitcoin miners in China according to industry media there.
The global bitcoin network is unlikely to be affected, with much of the hash having already dropped as China gradually closed region by region and as the more informed miners presumably migrated.
North America and Europe are thought to benefit significantly from this exodus as the cutting edge bitcoin computing industry comes home.