Bitcoin’s network hashrate has recorded its sharpest drop since the April 2024 halving, as around 400,000 mining machines in China reportedly went offline, according to former Canaan chairman Jack Kong.
Matthew Sigel, head of digital assets research at VanEck, noted that the 30-day simple moving average (SMA) hashrate for bitcoin (BTC $87,182.84) reflects the decline. The hashrate measures the total computational power securing the network.
Kong said in a post on X that computing power fell roughly 100 exahashes per second (EH/s) in a single day—an 8% drop. Based on an average of 250 terahashes per second per machine, this equates to more than 400,000 rigs going offline. He added that mining farms in Xinjiang have been shutting down sequentially, indirectly benefiting U.S.-based miners.
This comes just one month after China re-emerged as the world’s third-largest bitcoin mining hub, accounting for roughly 14% of global hashrate.
Glassnode data shows total hashrate falling from about 1.1 zettahashes per second (ZH/s) to just above 1 ZH/s. The decline coincides with persistent pressure on miner revenues, as hash price hovers near $37 per petahash per second—a roughly five-year low.
Bitcoin mining difficulty is projected to fall about 3%, offering temporary relief. Difficulty currently stands at 148.2 trillion (T), just below its all-time high.
