Bitcoin miners in China\u2019s Xinjiang province are unplugging following another crackdown by Beijing this week. As many as 400,000 mining machines have already gone offline, causing a slump in hashrates.<\/p>\n
Bitcoin is going down<\/a> because selling pressure is stronger and coming from deeper sources, said analyst Bull Theory on Wednesday.<\/p>\n \u201cOne major reason is China\u2019s mining crackdown coming back into focus,\u201d they added<\/a>.<\/p>\n Network hashrate has dropped by around 8%, which is a large move considering that China still controls roughly 14% of global hash power, they observed.<\/p>\n The analyst added that Asian OG holders likely began selling weeks ago in anticipation of renewed restrictions, and on-chain data confirms increased long-term holder selling over the past couple of months.\u00a0There has also been a miner capitulation as closed mining farms must sell BTC reserves and equipment to cover their losses.<\/p>\n Additionally, Asian exchanges such as Binance, Bybit, and OKX show consistent net spot selling through Q4, while US exchanges such as Coinbase show continued net buying, they added.<\/p>\n \u201cThis is not panic selling. This is supply changing hands. And price usually stays weak until that pressure is gone.\u201d<\/p>\n<\/blockquote>\n WHY IS BITCOIN STILL DUMPING WHILE INSTITUTIONS ARE MAKING BILLION DOLLAR BUYS?<\/p>\n Bitcoin is not going down because fundamentals are weak.<\/p>\n It is going down because selling pressure is stronger and coming from deeper sources.<\/p>\n One major reason is China\u2019s mining crackdown coming\u2026 pic.twitter.com\/QBAG8PKAKh<\/a><\/p>\n \u2014 Bull Theory (@BullTheoryio) December 17, 2025<\/a><\/p>\n<\/blockquote>\n Bitcoin\u2019s hashrate has dropped 10% from around 1,160 EH\/s in October to ~1,045 EH\/s in December, marking three consecutive negative difficulty adjustments, reported<\/a> Luxor on Wednesday.<\/p>\n They noted that the trend was driven by three factors:<\/p>\n \u201cDeclining Bitcoin prices pushing legacy hardware into negative margins, regional enforcement actions removing capacity from major mining regions, and rising winter energy costs triggering seasonal curtailment across North America.\u201d<\/p>\n<\/blockquote>\n This decline in hashrate is driven by a convergence of price compression, seasonal energy costs, and targeted regulatory pressure, which are all squeezing marginal miners simultaneously.<\/p>\n Additionally, hashprice, which quantifies the amount a miner can expect to earn from a specific quantity of hashrate, is at an all-time low of $0.036 per terahash per second per day, according<\/a> to Luxor.\u00a0Diminishing returns and increasing costs put more pressure on miners to sell.<\/p>\n Bitcoin is bearing the brunt of this hashrate slump as it continues to weaken.<\/p>\n Aside from another manipulated<\/a> pump-and-dump by derivatives degens, the asset is down on the day, having failed to reclaim $87,000.<\/p>\n It was trading at $86,560 at the time of writing, at the lower bounds of its range-bound channel that formed in late November.<\/p>\n The post China\u2019s Mining Crackdown Drives Bitcoin Hashrate to Three-Month Low<\/a> appeared first on CryptoPotato<\/a>.<\/p>","protected":false},"excerpt":{"rendered":" <\/p>\n Bitcoin miners in China\u2019s Xinjiang province are unplugging following another crackdown by Beijing this week. As many as 400,000 mining machines have already gone offline, causing a slump in hashrates.<\/p>\n Bitcoin is going down<\/a> because selling pressure is stronger and coming from deeper sources, said analyst Bull Theory on Wednesday.<\/p>\n \u201cOne major reason is China\u2019s mining crackdown coming back into focus,\u201d they added<\/a>.<\/p>\n Network hashrate has dropped by around 8%, which is a large move considering that China still controls roughly 14% of global hash power, they observed.<\/p>\n The analyst added that Asian OG holders likely began selling weeks ago in anticipation of renewed restrictions, and on-chain data confirms increased long-term holder selling over the past couple of months.\u00a0There has also been a miner capitulation as closed mining farms must sell BTC reserves and equipment to cover their losses.<\/p>\n Additionally, Asian exchanges such as Binance, Bybit, and OKX show consistent net spot selling through Q4, while US exchanges such as Coinbase show continued net buying, they added.<\/p>\n \u201cThis is not panic selling. This is supply changing hands. And price usually stays weak until that pressure is gone.\u201d<\/p>\n<\/blockquote>\n WHY IS BITCOIN STILL DUMPING WHILE INSTITUTIONS ARE MAKING BILLION DOLLAR BUYS?<\/p>\n Bitcoin is not going down because fundamentals are weak.<\/p>\n It is going down because selling pressure is stronger and coming from deeper sources.<\/p>\n One major reason is China\u2019s mining crackdown coming\u2026 pic.twitter.com\/QBAG8PKAKh<\/a><\/p>\n \u2014 Bull Theory (@BullTheoryio) December 17, 2025<\/a><\/p>\n<\/blockquote>\n Bitcoin\u2019s hashrate has dropped 10% from around 1,160 EH\/s in October to ~1,045 EH\/s in December, marking three consecutive negative difficulty adjustments, reported<\/a> Luxor on Wednesday.<\/p>\n They noted that the trend was driven by three factors:<\/p>\n \u201cDeclining Bitcoin prices pushing legacy hardware into negative margins, regional enforcement actions removing capacity from major mining regions, and rising winter energy costs triggering seasonal curtailment across North America.\u201d<\/p>\n<\/blockquote>\n This decline in hashrate is driven by a convergence of price compression, seasonal energy costs, and targeted regulatory pressure, which are all squeezing marginal miners simultaneously.<\/p>\n Additionally, hashprice, which quantifies the amount a miner can expect to earn from a specific quantity of hashrate, is at an all-time low of $0.036 per terahash per second per day, according<\/a> to Luxor.\u00a0Diminishing returns and increasing costs put more pressure on miners to sell.<\/p>\n Bitcoin is bearing the brunt of this hashrate slump as it continues to weaken.<\/p>\n Aside from another manipulated<\/a> pump-and-dump by derivatives degens, the asset is down on the day, having failed to reclaim $87,000.<\/p>\n It was trading at $86,560 at the time of writing, at the lower bounds of its range-bound channel that formed in late November.<\/p>\n The post China\u2019s Mining Crackdown Drives Bitcoin Hashrate to Three-Month Low<\/a> appeared first on CryptoPotato<\/a>.<\/p>\n <\/p>\n","protected":false},"author":1,"featured_media":18629,"comment_status":"","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"footnotes":""},"categories":[45],"tags":[],"class_list":{"0":"post-22693","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-bitcoin"},"yoast_head":"\nAsian Whales Selling BTC<\/h2>\n
\n
\n
\n
BTC Continues to Fall<\/h2>\n
Asian Whales Selling BTC<\/h2>\n
\n
\n
\n
BTC Continues to Fall<\/h2>\n