Why China’s Recent Mining Crackdown Triggered Bitcoin’s Latest Sell-Off

As Bitcoin’s price continues to trend lower, China’s renewed crackdown on domestic mining activity may help explain the sudden downturn. In Xinjiang province, an estimated 400,000 miners were forced to shut down operations and go offline. The abrupt disruption cut off revenue streams, pushing some operators to sell Bitcoin holdings to cover operating costs or finance relocation efforts. Mining Disruptions Add Pressure to Bitcoin’s Decline In a recent social media post, former Canaan chairman Jack Kong said that China’s computing power fell by roughly 100 exahashes per second (EH/s) within 24 hours source: https://beincrypto.com/china-mining-crackdown-bitcoin-impact/