🚨 China’s Crypto Crackdown: Bitcoin Miners Unplug, Hashrate Hits Rock Bottom! 🚨

by

Well, butter my biscuit and call me confused-China’s Xinjiang province is unplugging Bitcoin miners faster than I unfollow people who post too many selfies. 🎮✨ Beijing’s latest crackdown has sent 400,000 mining machines to the digital graveyard, and the hashrate is dropping like a mic at a bad comedy show. 😬

According to analyst Bull Theory (yes, that’s their name, not a new energy drink), Bitcoin is taking a nosedive because selling pressure is stronger than my willpower around a plate of cookies. 🍪💔 “China’s mining crackdown is back, baby!” they quipped, probably while sipping a latte. ☕️

The network hashrate has plummeted by 8%, which is a big deal considering China still holds 14% of the global hash power. That’s like losing 8% of your sanity after watching one too many reality TV shows. 📉🤪

Asian Whales Selling BTC Like It’s a Garage Sale

Apparently, Asian OG holders started selling weeks ago, anticipating this crackdown like they’re psychic or just really good at reading the room. 🧙‍♂️ On-chain data confirms long-term holders are dumping BTC faster than I dump bad dates. 💔 Meanwhile, miners are capitulating, selling their reserves and equipment to cover losses. It’s like a crypto yard sale, but nobody’s buying the punch bowl. 🏠💸

Asian exchanges like Binance, Bybit, and OKX are showing net spot selling through Q4, while US exchanges like Coinbase are still buying like it’s Black Friday. 🇺🇸🛍️ Bull Theory sums it up perfectly: “This isn’t panic selling-it’s supply changing hands. And the price stays weak until the drama’s over.” 🎭

“WHY IS BITCOIN STILL DUMPING WHILE INSTITUTIONS ARE MAKING BILLION DOLLAR BUYS? Because the universe hates us, that’s why.” 😤💸

Bitcoin’s hashrate has dropped 10% from 1,160 EH/s in October to ~1,045 EH/s in December, marking three consecutive negative difficulty adjustments. Luxor reports this is due to declining prices, regional crackdowns, and winter energy costs-basically, everything’s going wrong except my Netflix recommendations. ❄️📉

“Declining Bitcoin prices, regional enforcement actions, and rising energy costs are squeezing miners like a too-tight pair of skinny jeans.” 👖💥

Hashprice is at an all-time low of $0.036 per terahash per second per day, which means miners are earning less than I do from my side hustle as a professional nap-taker. 😴💸 Diminishing returns and increasing costs are forcing miners to sell, because apparently, crypto isn’t a “get rich quick” scheme-it’s a “get stressed quick” scheme. 😓

BTC Continues to Fall Like a Forgotten New Year’s Resolution

Bitcoin is taking this hashrate slump harder than I take constructive criticism. Aside from the occasional pump-and-dump by derivatives degens (looking at you, shady traders), BTC is down on the day, failing to reclaim $87,000. It’s trading at $86,560, stuck in a range-bound channel like I’m stuck in a never-ending Zoom meeting. 📉💻

So, what’s the takeaway? China’s crackdown is the crypto equivalent of a plot twist in a bad rom-com, and Bitcoin’s hashrate is the heartbroken protagonist. Grab your popcorn, folks-this drama’s just getting started. 🍿🎬

Read More

2025-12-18 11:17