Multiple veteran figures in the cryptocurrency circle and senior personnel in the mining sector confirm:
Some mining sites in Xinjiang were concentratedly cleared in November,
Involving 200,000 to 400,000 Bitcoin mining machines (the number is still being verified).
Previously, Reuters exclusively disclosed:
Xinjiang miners resumed mining, causing China's computing power to temporarily rebound to 15–20% globally.
The motivation for resuming work is very clear:
Excessive construction of data centers,
Insufficient demand for AI computing power,
Ultimately turning to gray mining to digest assets.
However, with the upgrade of cryptocurrency regulation by 13 domestic ministries on November 28,
This portion of computing power was rapidly cleared:
Mining machines confiscated, mining sites suspended, and output coins flooded into the market.
This may be one of the important supply-side factors that put continuous pressure on the cryptocurrency market in November.
Conclusion:
This is a structural cleaning of computing power,
Short-term bearish release,
In the medium to long term, computing power will be more concentrated and compliant.
