Bitcoin’s Hashrate Plunges Due to Incident Closing Mining Farms

xinjiang bitcoin mining farm or coal mine flood april 2021

Bitcoin’s hashrate has fallen by about 40% from more than 180 petahashes a second to about 105 Ph/s. That has caused some volatility in block times with it taking almost two hours to find a block between 1AM and 3AM euro time. Block times now seem to have returned somewhat to normal, but there was still a gap of about one hour to find a block around 7AM euro time. As can be seen above there were no blocks between 11 hours ago and 9 hours ago. In addition there was also a gap between five hours ago and four hours ago. This is expected behavior following a sudden fall in the hashrate with the difficulty having just adjusted on Friday. It will thus take the bitcoin network about two weeks to re-adjust the difficulty and so bring block times within the usual ten minutes. Until then, blocks may sometime…

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