Bitcoin The 30-day simple moving average (SMA) hashrate saw its biggest decline since the April 2024 halving, according to Matthew Sigel, head of digital asset research at VanEck.
The Bitcoin hashrate measures the total computing power securing the network.
Former Canaan President Jack Kong said in an article on X that up to 400,000 mining machines were recently taken out of service in China. Kong said computing power decreased by about 100 exahashes per second (EH/s) compared to the previous day, representing an 8% drop. Based on an average of 250 terahashes per second, this is equivalent to shutting down over 400,000 mining machines.
Kong also claims that farms in Xinjiang were closing one after the other, suggesting that the United States benefited without direct intervention.
The comments come just a month after China once again became the world’s third-largest bitcoin mining hub, accounting for around 14% of the global hashrate.
Data from Glassnode shows that the total hashrate has increased from around 1.1 zettahashes per second to just over 1 (ZH/s). This decline coincides with continued pressure on miners’ revenues, with the hash price hovering around $37 per petahash per second, a five-year low.
Bitcoin mining difficulty is currently expected to decrease by around 3%, providing temporary relief to miners’ income. The measure currently stands at 148.2 trillion (T), just below its all-time high.
