Bitcoins The 30-day simple moving average (SMA) hashrate has recorded its steepest decline since the April 2024 halving, according to Matthew Sigel, head of digital assets research at VanEck.
The Bitcoin hash rate measures the total computing power that secures the network.
Former Canaan chairman Jack Kong said in a post on X that as many as 400,000 mining machines have recently gone offline in China. Kong said computing power dropped by about 100 exahashes per second. second (EH/s) compared to the previous day, representing a decrease of 8%. Based on an average of 250 terahasshes per second, this equates to more than 400,000 mining machines being shut down.
Kong also says farms in Xinjiang shut down one after the other, suggesting the US benefited without direct intervention.
The comments come just a month after China re-emerged as the world’s third-largest bitcoin mining hub, accounting for around 14% of the global hash rate.
Glassnode data shows that the overall hash rate has decreased from approximately 1.1 zettahash per second to just over 1 (ZH/s). The withdrawal coincides with continued pressure on miners’ incomes, with the price of hash hovering close to $37 per barrel. petahash per second, which is a five-year low.
Bitcoin mining difficulty is currently expected to drop by around 3%, offering temporary relief to miners’ income. The metric currently sits at 148.2 trillion (T), just below the all-time high.
