The circulating supply of secondhand bitcoin mining equipment in China has been spiking after state-owned power grids were ordered to cut supply for bitcoin mining farms earlier this month. 
On-chain data shows that about 50 exahashes per second of computing power on the bitcoin network has gone offline since Xinjiang and Sichuan – the two top bitcoin mining regions in China – issued similar shutdown orders to bitcoin mining farms on June 9 and June 18, respectively. That accounted for roughly 30% of the network’s total over the past two weeks. 
Multiple bitcoin mining industry experts in China estimated in a panel discussion in April that China’s bitcoin hash rate dominance over the network’s total already faded to around 40%. It appears that about three fourth of Chinese bitcoin miners have gone offline in the past weeks.
Kevin Zhang, a vice president at U.S. mining firm Foundry, said in a Twitter thread on Wednesday that based on his conversations with miners in China, „rou

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