Bitmain posts 88% decline in hash rate

Posted 08 May, 2019

One of the leading player in the crypto mining segment – Bitmain – reported a reduction of its own mining capacities m-o-m.

The company has released a released a regular monthly report on its official website in which it was indicated 88% decline in mining capacities.

As of May 7, Bitmain's hash rate of all SHA256-based mining facilities amounted to 237.29 PH/s, as compared to 2,072 PH/s record a month ago.

For reference, the company started posting monthly data back in July 2018. According to the available data, the rate was 2,339 PH/s last October, but then collapsed below 1,700 PH/s given the price trend in the cryptocurrency market. Later, hash rate improved in early April with further slackening to the current level. Notably, Bitmain's share in the overall hash rate of the bitcoin network decreased from 4% to 0.4%.

According to the reports, it is quite possible that all capacities were represented by the most popular miner AntMiner S9, which features hash rate 14 TH/s, though Bitmain could deactivate about 130,000 facilities.

As the company spokesperson commented, there are cases when hash rate run by one company can be used by somebody else, which is quite natural for the mining segment. This is probably about possible lending of the capacities.

It was reported earlier, Bitmain was rumoured to consider launching about 200,000 mining facilities in south-west provinces of China for the summer period striving to make benefit from seasonally cheap electricity there.

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