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Bitcoin miners in China’s Xinjiang province are closing shop amid government scrutiny, taking as much as 100 EH/s of mining equipment offline, according to industry sources.
“[Bitcoin’s] computing power dropped by 100 [EH/s] compared to yesterday … at least 400,000 machines have been shut down,” a Nano Labs team member posted on December 14, sounding the alarm.
Per Luxor’s Hashrate Index, Bitcoin’s 7-day average hashrate has fallen from 5.6% from 1,125 EH/s to 1,062 EH/s since December 12.
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