OKEx bitcoin mining pool has lost almost all the hash rate after withdrawal suspension

Mining • November 11, 2020, 7:53AM EST
The Block

OKEx has lost almost all the hash rate that was connected to its crypto mining pools following the exchange's suspension of withdrawals.

Data from BTC.com shows that the computing power from miners that connected to OKEx's bitcoin mining pool produced about 5% of the total blocks mined on the bitcoin network over the past three months. On average, they were mining about 10 blocks per day.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

Since October 16 when the exchange announced the suspension of crypto withdrawals, the computing power connected to OKEx's bitcoin mining pool has dwindled, from close to 9,000 petahashes per second (PH/s) to right now just 20 PH/s. 

Since October 17, OKEx's bitcoin mining pool has mined only 12 blocks and the latest one was produced on November 2. 

Data from OKEx's mobile and web apps show a similar trend for the computing power connected to its ethereum mining pool, which has decreased from over 30,000 MH/s before withdrawal suspension to now only 730 MH/s.

About Author

Wolfie joined The Block’s news team in 2020 and switched to the research side in 2021 to focus on crypto mining analysis. Prior to The Block, he had been a journalist at CoinDesk for three years. Wolfie has a background in financial journalism.

More by Wolfie Zhao