Our Man in Shanghai: DogeMania, ‘Dog-Coin’ trademark dogfight, hashrate outage, government warms up to crypto
The big news this week happened on April 16th, when a major power outage in Xinjiang wreaked havoc on the BTC hash rate. According to local sources, the hash rates on Ant Mine Pool (NASDAQ:) fell by 21.93%, BTC.com by 18.5%, Binance Mine Pool by 22%, and Huobi Mine Pool by 25.5%. Reports from Cointelegraph linked it with safety inspections resulting from a mine accident in the western-most province. Western China has a strong presence in the mining space due to cheap electricity and equally affordable real estate. Despite miners originally stating the impact would only last 1 to 2 days, the hash rate has yet to rebound. Currently the global rate is under 145 million TH/S, down from a peak of 172 million TH/S the day before the accident.
Dogecoin mania set in as buyers on OKEx and Huobi helped drive the price up 370% in one week. These two predominantly Chinese exchanges accounted for 16.9% and 15.9% of global volumes respectively, with Binance making up only 5.2%. Chinese buyers tend to view all assets through the lens of a potential investment, a strong contrast to western investors who were more likely to make memes about the performance on social media.
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