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Was there a hashrate drop? Was it because of China? Does that mean centralization?

I’ve read some articles about Xinjiang and a coal mine causing the hashrate to drop. By my math the 7-day-high was 218.2139 EH/s^(*) and the 7-day-low was 109.3095 EH/s^(*). By my math the delta represents a 49.907 % drop. I think the math on the hashrate is correct, so my question is:

* Doesn’t this mean there is a regional consolidation of 49.907 % of the hashrate?

I had always hoped that much of the China pools were actually independent miners from across the globe simply leasing hashrate to the pool operators rather than buildings full of physical miners in Xinjiang. If these were distributed pools and the pool servers went down, I would think that much of this hashrate would rejoin other pools in the last 72 hours. I’m not seeing the hashrate coming back.

49.907% is damn close to 50.001% which would spell hegemony to any overload that possessed it. Does r/Bitcoin think that Xinjiang truly has 49.907% of the hashrate? Does r/Bitcoin truely believe that Xinjiang would be able to operate independent of any feared overlord?

^(* source: https://www.coinwarz.com/mining/bitcoin/hashrate-chart)

### Update

Thanks to u/danicingl0bster for challenging my source for hashrate calculations. Turns out my source is using a far too narrow window (1hr) to accurately arrive at the hashrate. Using a blocks-per-day instead of blocks-per-hour puts the drop at a much more reasonable 33% drop based of the last retarget on Apr-14. This type of drop happens about twice a year. Other drops include those following the Oct-16-2020 retarget (37%) and the May-04-2020 retarget (37%).

I feel much better having seen this happen many times in the past with no ill effect.



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3 Comments

  1. People like Peter Thiel have been predicting something like this. In my opinion China aims to control this. It’s worth it to them. Maybe years ago the mining in China was independent but over there you can only have a good thing for so long before the Party shows up…

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