The cryptocurrency mining power has taken a huge hit! Just yesterday, people were shouting for BTC to reach new highs, and today the entire network's mining power has dropped by 30%!
Just yesterday, everyone was glued to their phones waiting for BTC to refresh its highs, but today they were hit hard in the face. The global BTC mining power plummeted by nearly 30% in just 48 hours, marking the steepest decline since the BTC halving. This situation originated from an underground mining site in Xinjiang that had been hidden for several years.
After the mining ban in the country in 2021, Xinjiang quietly built up a large underground mining network due to its low electricity prices, allowing miners to make big money while feeling secure in a regulatory safe zone. The regulatory storm came suddenly: overnight inspections led to power cuts, causing over 400,000 high-performance mining machines to stop instantly. The miners didn't even have time to move their equipment, and industry veterans claimed that this time, the area was completely cleared with nothing left. Some speculate that the severe crackdown was prompted by miners flaunting their profits on social media, attracting regulatory attention.
The unluckiest of all are the photovoltaic miners in Qinghai: they rented abandoned solar power stations, with the cost of electricity being just a few cents per kilowatt-hour, and were expected to break even and become rich in just six months. Now, with the power stations sealed, their dreams of wealth have shattered.
This wave of Eastern mining power turbulence has directly changed the global mining landscape. American and Kazakh compliant mining pools are making a fortune, and with ETH upgrades and declining mining machine rental prices, those who planned ahead might have already made a secret profit.
Everyone is probably pondering whether this regulation is the end or if the global mining power is about to start a new round of relocations. Are miners going abroad to find compliant mining sites, or are they continuing to look for the next cheap electricity location domestically? These matters not only affect mining but will also alter BTC's market trends.
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