China’s Mining Crackdown Drives Bitcoin Hashrate to Three-Month Low
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Bitcoin miners in Xinjiang, China, have shut down 400,000 mining machines due to a government crackdown, leading to a decrease in hashrates. Selling pressure intensifies, contributing to Bitcoin's downward price movement.
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Bitcoin miners in China’s 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.
Bitcoin is going down because selling pressure is stronger and coming from deeper sources, said analyst Bull Theory on Wednesday.
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