BTC Mining Power Earthquake: Xinjiang Mines Cleared, Network Hashrate Plummets by 17%!

Sudden Regulatory Crackdown! Xinjiang mines underwent inter-departmental inspections, with approximately 400,000 mining machines instantly powered down, causing Bitcoin's total network hashrate to plummet by over 17% within a week to about 988 EH/s, marking the largest drop since June 2022.

Core of the Event

Background of the Crackdown: Mining has been explicitly banned since 2021, and regions like Xinjiang have relied on cheap electricity to become the global Bitcoin 'underground heart', contributing approximately **14%** of the global hashrate (the third largest in the world). Last month, foreign media exposed that China's hashrate had 'quietly revived', directly triggering this precise rectification.

Regulatory Strength: The central bank leads the coordination of 13 departments, cutting off backup power and entering a new phase of regularized, inter-departmental cooperation.

Three Major Chain Reactions

1. Network and Earnings: The overall network security hash rate has significantly decreased, causing short-term block confirmation delays; difficulty adjustments lag behind, and remaining miners' earnings may surge in the short term.

2. Miner Migration: Domestic mines will either move into more concealed underground operations or accelerate overseas; compliant mining pools in Texas, USA, Kazakhstan, and others become the main beneficiaries.

3. Long-term Warning: The BTC network still heavily relies on energy and policies from specific regions, and regional regulatory actions can trigger severe fluctuations in the network hashrate, raising doubts about its decentralized nature.