💥China's Bitcoin 'Gray Empire' has been struck by a thunderous blow!⚡️ The crypto world is once again in turmoil! Just as the BTC price hovers above $85,000, a sudden 'mining ban storm' sweeps through Xinjiang, China — all Bitcoin mining sites in the region were shut down overnight! In just two days, global network computing power plummeted nearly 30%! This cliff-like drop, of a scale akin to a market crash, directly set the record for the most severe single instance of computing power contraction since the halving in 2024. $BTC

Xinjiang, once the 'underground kingdom' of Bitcoin mining, contributed a considerable share of global computing power thanks to cheap coal and electricity and relaxed enforcement. After the nationwide ban in 2021, it became a 'gray paradise' where miners discreetly established operations to avoid regulatory scrutiny. However, this storm came without warning: regulatory authorities conducted surprise inspections, hundreds of high-performance ASIC miners were instantly powered down, and over 400,000 devices were forced offline. Industry insiders exclaimed 'total annihilation' — no warnings, no buffer, miners could only watch helplessly as their machines went 'cold'.

This raid had been foreshadowed; last month, videos of lavish mining operations frequently circulated on major social media platforms, triggering high-level alerts. The central government quickly issued orders, and multiple provinces acted simultaneously to take down the Xinjiang mining sites. Previously, China's computing power share had returned to over 50%, but now this 'big chunk' has been severed, instantly reshuffling the global computing power landscape, with overseas mining pools in the U.S., Kazakhstan, and others potentially becoming the biggest winners. $BNB

Even more lamentable is the predicament of 'photovoltaic miners'. Miners in Qinghai and other regions had contracted abandoned solar power stations, utilizing decommissioned solar panels to install energy storage cabinets for 'survival' — the cost per kilowatt-hour was only 5 cents, and even with energy storage, it was just 30 cents, far below the $1 level in Europe and the U.S. But now, with regulatory crackdowns, mining machines have been confiscated, and power stations shut down, the 'profit dream' of recouping investments in six months has been shattered in an instant.

Although the Bitcoin network has suffered this heavy blow, its core mechanism remains resilient: the difficulty adjustment mechanism will soon intervene, and in the short term, it may even benefit the remaining miners with soaring profits. However, this wave of 'Chinese computing power earthquake' undoubtedly sounds the alarm — global mining is highly concentrated in gray areas, and any policy fluctuation could trigger a chain reaction. Where will the miners go from here? Will they continue to struggle underground, or will they completely go offshore?