Thomas Heller of the Bitcoin mining blog Hashr8 announced that the Bitcoin network had left approximately 22 mining power exahashes per second (EH/s), coinciding with the end of the season the day before (based on weather forecasts).
Kevin Zhang of the Foundry subsidiary of the mining-focused Digital Currency Company also calculated a decrease of 20 EH / s, noting that the seven-day average for Bitcoin’s hash rate was 132.9 EH / s. In comparison, the daily hash rate was 112.9 EH / s at the same time.
The province of Sichuan in China is one of the largest mining hubs in the world. Crypto miners flock there during the rainy season to take advantage of cheap hydro-electricity and then just as quickly leave. The most recent data from the Bitcoin Electricity Consumption Index (BECI) of the University of Cambridge reports that as of April 2020, the province accounted for 18.5 percent of the global hash rate, which was double the rate before the rainy season.
Heller had expected that many miners working in Sichuan were relocating overseas or to the Xinjian or Inner Mongolia provinces, representing in April, respectively, 30.1% and 7.7% of global hash power. In 2018, most Chinese miners were expected to be moving from other parts of the world to Sichuan for the rainy season. According to CoinShares, Sichuan is estimated to account for 54% of global crypto mining activity. The leading bitcoin cryptocurrency is trading at $13,150 at the time of publishing. The bitcoin price had previously closed at the strongest since mid-January 2018.