Bitcoin has just tested the edge of 85,000 USD, and a "mining crackdown storm" has erupted in Xinjiang, China! Within two days, global Bitcoin mining power plummeted by 30%, setting a record for the most severe contraction since the 2024 halving!

Xinjiang was once a "gray paradise" for Bitcoin mining, attracting a large number of miners with cheap coal power and lax regulations. However, this time, regulatory inspections caused hundreds of ASIC miners to lose power instantly, with over 400,000 devices going offline, leading industry insiders to exclaim, "complete destruction!"

In fact, the storm had long been foreshadowed, as videos of extravagant mining sites raised alarms at higher levels, prompting simultaneous actions across multiple provinces, resulting in a complete wipeout of Xinjiang's mining sites overnight. China's share of mining power has sharply declined, with overseas mining pools in the United States, Kazakhstan, and others possibly becoming the biggest winners. $XRP $SOL $BNB

"Solar miners" are even worse off, utilizing abandoned power stations for mining at extremely low costs, yet cannot escape the iron fist of regulation; mining machines are confiscated and power stations shut down, shattering their dreams of huge profits.

The core mechanism of Bitcoin is resilient, and difficulty adjustments may cause the remaining miners' profits to soar. However, there are many gray areas in global mining, and any policy change can lead to seismic shifts. Miners, will you continue to operate "underground" or completely go offshore? The dilemma has arrived!