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 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\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 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":" 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. Bitcoin is going down because selling pressure is stronger and coming from deeper sources, said analyst Bull Theory on Wednesday. \u201cOne major reason is China\u2019s […]<\/p>\n","protected":false},"author":0,"featured_media":121402,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-121401","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-discovery"],"_links":{"self":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/121401"}],"collection":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=121401"}],"version-history":[{"count":0,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/posts\/121401\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=\/wp\/v2\/media\/121402"}],"wp:attachment":[{"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=121401"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=121401"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/mycryptomania.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=121401"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}Asian Whales Selling BTC<\/h2>\n
BTC Continues to Fall<\/h2>\n