Two pieces of good news for the cryptocurrency space came this Thursday. Bitcoin miners in China are being reconnected to power sources, and shares of the Coinbase cryptocurrency exchange will not be removed from the German trading platform.
According to The Block, referring to the owners of several local farms, miners in Xinjiang began to gain access to the power grid from today. The changes have not yet affected all enterprises. Since the outage occurred over a large area, it will take time before the electricity supply will be carried out at the same level.
"Mining farms in Xinjiang are gradually being connected, and the devices are back online from today. It's already started, " Thomas Heller, former director of the Chinese F2Pool pool and now head of business development at the mining company Compass, wrote on Twitter.
Currently, the hashrate decline is estimated at 13%. On Wednesday, it was 20%. Over the past time, foreign competitors of Chinese miners, such as Slushpool and Foundry USA, have managed to increase their share in the total computing power of the bitcoin network. Thus, the estimated hashrate of the latter increased by 30%.
The problems with Chinese miners became known at the end of last week. They were triggered by inspections at local coal mines, following several incidents of flooding and gas explosions in which people were killed and trapped. The miners ' areas were not affected by these phenomena in themselves, but they were forced to turn off the equipment due to the general interruption of electricity supply to large data centers. Initially, it was assumed that the checks would last about a week.
"China is currently experiencing a dry spell, so most miners (>80%) are still based in Xinjiang," said Mustafa Yilham, head of overseas business development at mining firm Bixin. – So if 80% of the miners in China were in Xinjiang as of last week and 80% were disconnected, and the impact from this spread only to 20-25% of the network, this means that currently 32-40% of the hashrate is concentrated in China at the maximum."
Also today, it became known that the shares of the cryptocurrency exchange Coinbase, which were to be removed from the trading platform Xetra and the Frankfurt Stock Exchange due to an error in assigning the identification code LEI, will continue to trade in the same mode. The delisting was supposed to take place after the end of the trading session on Friday, but Coinbase provided the correct LEI, so now it is not necessary.
"We are aware of an administrative error that caused Coinbase to resubmit certain documentation to certain European stock exchanges," a company spokesperson said. - There were no stops in the trading of Coinbase shares. We are working to resolve this issue as soon as possible."
Ark Investment Management, meanwhile, continues to increase its investment in Coinbase shares, for the fourth day in a row. On Wednesday, it acquired 244,717 shares of COIN for a total of $76.3 million. Before that, Ark managed to invest over $ 350 million. Trading on Wednesday ended with COIN down 2.77% near the $312 mark.