$BTC $SOL $ETH Bitcoin hash rate encounters "precise strike": Xinjiang mining sites inspected, entire network hash rate evaporated overnight?

While global investors focus on market fluctuations, the Bitcoin network itself experienced a "cardiac arrest." Over the past week, the Bitcoin network's hash rate suddenly plummeted, driven by a regulatory storm from Xinjiang, China, causing over 400,000 mining machines to stop instantly.

Hash rate plummet, data speaks

According to monitoring data from multiple mining pools, the Bitcoin network's hash rate experienced severe contraction in a short period.

· Astonishing drop: The hash rate fell by more than 17% within a week, retreating from its high.

· Breaking the threshold: The hash rate has again fallen below the important psychological threshold of 1,000 exahashes (EH/s), currently hovering around 997 EH/s.

· Huge cost: Industry experts estimate that this drop in hash rate means at least 400,000 Bitcoin mining machines have been shut down.

Eye of the storm: The demise of Xinjiang's "underground mining cities"

The epicenter of this hash rate earthquake points directly to Xinjiang, China. Although China has fully banned virtual currency mining activities since 2021, leveraging the extremely cheap and locally non-exportable electricity, numerous mining sites have quietly rebuilt here, forming a "gray power empire." As of October this year, China's share of Bitcoin hash rate has quietly risen to third globally, accounting for about 14%.

However, this "tacit" recovery did not last long. According to industry news, local regulators recently undertook surprise inspections and collective power shutdowns, precisely targeting these hidden mining sites. Some analysts believe that previous foreign media reports about China's hash rate "quietly reviving" may have directly triggered this severe inspection action.

Global landscape reshuffled, is the Bitcoin network safer?

This is a historical replay. The ban in 2021 led to a massive migration of Chinese miners to the United States, Kazakhstan, and other locations. After this incident, the global hash rate map will be rewritten again, and mining pools in compliant operating regions will become direct beneficiaries.

Is this a blessing or a curse for the Bitcoin network? In the short term, the decline in hash rate concentration reduces the risk of the network being impacted by policies from a single region, which may benefit long-term decentralization.