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China Shuts Down Bitcoin Mining Farms as Hashrate and BTC Price Fall
BTC miners across China have reduced hashrate following renewed investigations by the Chinese Communist Party. The shutdown involves up to 500,000 mining rigs, with major facilities in Xinjiang affected. The network hashrate dropped sharply after December 13, losing more than 5.6% capacity. Chinese Bitcoin mining farms have started closing down operations in the Xinjiang autonomous region. The closures have impacted 400,000 to 500,000 rigs across several provinces. This shutdown marks the steepest decline in mining activity since the 2024 halving. tweet Jack Kong, former chairman of Canaan Mining, said the ... (full story)
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