In the wake of the suspension of withdrawal operations on its platform, OKEx suffered another major setback in the market. Indeed, the exchange which has a mining pool dedicated to Bitcoin (BTC) saw its hashrate drop by 99.5%. While the last two months have been catastrophic in terms of the record, December’s brings some hope. The latest figures recorded indeed show a resumption of activity of the mining pool, though shy.
A hashrate back to 198.67 PH / s
Following the suspension of withdrawals on the platform, the latter’s mining pool saw its hashrate suddenly drop from 5,000 PH / s to less than 20 PH / s. This sudden drop, which only took two weeks to materialize, seemed to herald the end of the adventure for the group in the bitcoin mining sector. Far from admitting defeat, the mining pool continued to deploy its equipment on the network with the key better performance in December. Even if the current values of the hashrate remain paltry compared to those recorded before the onset of the crisis, there is cause for celebration on the side of OKEx.
Indeed, the pool’s hashrate rebounded to 198.67 PH / s far from the lowest level of 18 PH / s seen in November. The trend is likely to continue as stated Jay hao the CEO of the company. He explained in particular that his company had set up a communication strategy marked by regular and in-depth exchanges with their minors to understand their current and future needs. Mr. Hao affirms that this policy enabled them to straighten out and that current results should continue.
OKEx loses its place on the global bitcoin mining chessboard
These hopeful words, however, hide a much more bitter reality about the platform’s current status in the bitcoin mining landscape. Indeed, before seeing his hashrate plummet in October, the OKEx pool was one of the 10 largest mining pools in the world. He did it in particular with an average of more than 250 blocks mined per month in 2020, according to data from BTC.com.
Arrived in November this statistic has almost gone completely to nothing with just 3 blocks mined. Despite a much higher hashrate in December, OKEx’s mining pool has yet to mine any bitcoin on the network. An unfortunate situation which shows that the road towards a return to the usual standards will be all the same long.
In the meantime, OKEx is increasing its initiatives to regain the trust of its customers by various corrective measures in order to avoid a new suspension of withdrawals. An announcement that did not prevent the majority of them from massively withdrawing their funds from the platform.