Bitmain’s BTC Mining Hash Rate Drops by 88 Percent

The company now holds only 0.4 percent of the total BTC mining power.

The hash rate generated by Chinese miner-manufacturer Bitmain’s BTC mining operation has dropped by as much as 88 percent in the last 30 days.

The numbers were revealed by Bitmain on May 7 as a part of its computing power disclosure which it publishes each month. As per the figures, the hash rate for SHA256 – the protocol for Bitcoin and Bitcoin Cash mining – has gone down from 1,692.35 PH/s in March to 237.29 PH/s as of the beginning of May.

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Bitmain is primarily an ASIC-based crypto mining hardware manufacturer and makes some of the widely used crypto miners like its Antminer series. The Chinese company also operates an in-house crypto mining operation using its own pieces of equipment for an alternative income source.

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The Chinese giant began disclosing the hash rate in last July when it was generating hash power of 1,692.05 PH/s. This went up in October as the company recorded 2,339.21 PH/s in hash power. With this, Bitmain’s total computing power for BTC mining dropped from four percent to 0.4 percent.

The miner-manufacturer also operates two major mining Bitcoin mining pools – Antpool and BTC.com. In January, both of them together contributed around 23 percent of the total hash power of the entire Bitcoin mining pool, which went down from the record high of 41 percent.

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The drastic drop of Bitmain’s hashing power is odd as the company expanded its mining activity by deploying 200,000 devices in southwestern China to leverage from the cheap electricity cost in the region during monsoon season.

Meanwhile, the hardware maker has also launched the next generation BTC mining devices – Antminer T17. Each of these second generation devices is capable of producing 40 TH/s and are much power efficient from its predecessor.

 

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