Bitcoin's Hash Rate Drops As China's Rainy Season Ends

From decrypt.co

A recent slump in Bitcoin’s hash rate is down to the passing of the rainy season in Sichuan, China, according to AI and blockchain infrastructure firm Core Scientific. In China, Bitcoin mining is carried out in areas with major rainy seasons, using cheap hydroelectricity. During the rainy season, from June to October, the dams are full and there’s a healthy supply of electricity—making Bitcoin mining a profitable enterprise. However, when the rain dries up, mining Bitcoin in China is far less profitable, with prices tripling or quadrupling, according to Tarak Kulyk, senior vice president of blockchain business ... (full story)