🚨Bitcoin miners faced new crackdowns amid a ~8% drop in hash rate
Renewed actions by law enforcement in the Xinjiang region of China forced around 400,000 bitcoin mining rigs to shut down, contributing to an estimated global hash rate decrease of 8–10%. This decline reflects the impact of local shutdowns in a region that remains a significant source of mining power. crypto.news+1
The decrease in hash rate coincided with pressure on sales from affected miners, as some liquidated coins and equipment to cover expenses, while other regions absorbed the change in mining activity. Bitcoin's difficulty is expected to be lowered in response to the reduced network power. crypto.news
This event highlights how geopolitical and regulatory changes in key mining hubs can impact network dynamics, although the Bitcoin protocol is designed to redistribute after such disruptions.$BTC
