Bitcoin Miners Bag $16.7M in a Day as Mining Outage Mount Backlogs

The power outage in North China on April 15 led to a sharp decline in the Bitcoin mining hash rate up to 20% as the majority of Bitcoin mining farms are concentrated in China. The decline in mining hashrate has led to a major backlog in transaction processing as well, leading to a mounting transaction fee. The high mining fee has earned Bitcoin miners nearly $16.7 million over the past 24-hours.