Our man in Shanghai: DogeMania, the hallmark of Dog-Coin Dogfight, hashrate failure, government warms up on crypto
The big news this week came on April 16, when a major power outage in Xinjiang hit BTC hash rate. According to local sourcesThe hash rates for Ant Mine Pool (NASDAQ 🙂 fell 21.93%, BTC.com 18.5%, Binance Mine Pool 22%, and Huobi Mine Pool 25.5%. Reports from Cointelegraph linked it to safety inspections following a mine accident in the westernmost province. West China has a strong presence in the mining industry because of its cheap electricity and affordable real estate. Although miners originally stated the impact would only last 1 to 2 days, the hash rate has not yet recovered. Currently the global rate is under 145 million TH / S.from a peak of 172 million TH / S the day before the accident.
Dogecoin mania kicked in as a buyer at OKEx and Huobi helped increase the price 370% in one week. These two predominantly Chinese exchanges accounted for 16.9% and 15.9% of global volume, respectively, with Binance accounting for just 5.2%. Chinese buyers tend to view all assets through the lens of a potential investment, in stark contrast to Western investors who were more likely to meme out social media performance.
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