Bitcoin The 30-day simple moving average (SMA) hash rate has recorded its biggest drop since the April 2024 halving, according to Matthew Sigel, head of digital asset research at VanEck.
The bitcoin hashrate measures the total computing power protecting the network.
Former Canaan president Jack Kong said in a post on X that up to 400,000 mining machines in China have recently been taken offline. Kong said computing power fell by approximately 100 exahashes per second (EH/s) compared to the previous day, representing an 8% decrease. Based on an average of 250 terahash per second, this is equivalent to over 400,000 mining machines being shut down.
Kong also says farms in Xinjiang were closing one after another, suggesting the United States 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 approximately 14% of the global hashrate.
Data from Glassnode shows that the total hash rate has fallen from about 1.1 zettahash per second to just over 1 (ZH/s). The pullback coincides with continued pressure on miners’ revenues, with the hash price hovering around $37 per petahash per second, roughly a five-year low.
Bitcoin mining difficulty is currently expected to decrease by approximately 3%, offering temporary relief to miners’ income. The metric currently stands at 148.2 trillion (T), just below its all-time high.
