Bitcoin mining shock: Network loses 8% of its power in one day
The total hash rate of the Bitcoin network
recorded a sharp decline of 8%, equivalent to 100 exahashes per second, within 24 hours.
The main reason is attributed to the sudden shutdown of major mining operations in Xinjiang, China. This halt led to around 400,000 mining machines going offline. The event
confirms the network's sensitivity to regulatory and geographical variables and indicates a new phase of global mining power redistribution.
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