OKEx Bitcoin Mining Pool Shows Signs of Life After Precipitous Hashrate Drop

Cryptocurrency change OKEx is seeing slight indicators of exercise from its mining pool after dropping 99.5% of its hashrate this autumn after the change suspended withdrawals from buying and selling accounts.

OKEx bitcoin pool miners appeared to leap ship by means of late October and into November as the pool’s hashrate dropped from over 5,000 petahashes per second (PH/s) to under 20 PH/s solely two weeks after the change suspended withdrawals. 

Now the pool is beginning to present indicators of life. Though nonetheless considerably under its earlier hashrate ranges, OKEx Pool’s hashrate has rebounded to 198.67 PH/s, up by an element of 11 from its lows in November of 18 PH/s.

In an e-mail to CoinDesk, CEO Jay Hao stated his agency’s technique for gradual enchancment and restoration ensures “common in-depth communication with miners” to grasp their “present and future wants.” Because of this, the pool is regularly recovering, in keeping with Hao. 

However the highway to full restoration is lengthy.

Earlier than October, OKEx Pool was one of many world’s 10 largest mining swimming pools, mining a mean of greater than 250 blocks per 30 days in 2020, in keeping with information from BTC.com. 

In November, the pool solely discovered three blocks. It has mined zero blocks thus far in December.