Binace loses $40M, Bitmain fades
Hackers grabbed digital currency worth $40 million from cryptocurrency exchange Binance. And Chinese currency miner Bitmain disclosed it has cut its computing power usage by 88%, likely signaling a deep cut in activity. Yes, Bitmain is fading with cryptocurrency. (Fortune)
Bitmain’s internal bitcoin mining operations are generating 88 percent less computing power than a month ago, suggesting that the industry giant has cut back on capacity.
According to the hashing power disclosure that the company releases each month, as of May 7, the hash rate of all Bitmain-owned hardware running the SHA265 algorithm – which the bitcoin and bitcoin cash networks are based on – had dropped to just 237.29 quadrillion hashes per second (PH/s). Just a month ago, it was at 2,072 PH/s.
Bitmain, based in Beijing, manufactures mining equipment that it sells to others and also mines coins for itself. The firm started disclosing the hashrate of the machines it owns on a monthly basis in July of last year. Archived pages available online show that the hash rate was 1,692 PH/s that month, and then increased to 2,339 PH/s in October.