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.
“One major reason is China’s mining crackdown coming back into focus,” they added.
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.
Asian Whales Selling BTC
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. There has also been a miner capitulation as closed mining farms must sell BTC reserves and equipment to cover their losses.
Additionally, Asian exchanges such as Binance, Bybit, and OKX show con
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