Bitmain discloses 88% reduction in own Bitcoin mining power

Bitmain's hashing power has dropped 88% over the last month from 2,072 quadrillion hashes per second (PH/s) to just 237.29 PH/s. The cut has Bitmain's share of the total Bitcoin ($BTC) mining network at 0.4% from a previous 4%. According to CoinDesk, assuming estimates including Bitmain's new S9 Antminer, some 130,000 machines could have been shut off. Previous reports suggested the mining manufacturer was looking at deploying some $80 million into China during the wet season to take advantage of cheap hydroelectric power.