#Bitcoin network hash rate has experienced its steepest decline since the halving in April 2024, with the 30-day simple moving average (SMA) hash rate plummeting from approximately 1.1 ZH/s to just above 1 ZH/s. Former Canaan CTO Kong Jie revealed on the X platform that up to 400,000 mining machines have recently ceased operation in Xinjiang, China, resulting in a hash rate drop of about 100 EH/s, an 8% decrease.#WriteToEarnUpgrade
$BTC The large-scale shutdown of Bitcoin mining in Xinjiang is not an isolated event but a continuation of China’s ongoing crackdown on crypto mining policies since 2021. Xinjiang was once one of the world’s largest crypto mining centers, attracting many mining farms due to abundant coal and wind power resources and relatively low electricity costs. @CZ $BNB
