Kong Jianping, founder of Nano Labs: Bitcoin hashrate has plummeted, and at least 400,000 mining machines have been shut down.

Kong Jianping, former co-chairman of the board of directors of Canaan Technology and current founder and chairman of Nano Labs, cited his previous tweet about "Bitcoin mining farms in Xinjiang being shut down one after another," stating that the Bitcoin hashrate has decreased by 100 EH/s since yesterday, a drop of 8%. He further analyzed that, based on an average hashrate of 250T, this means that at least 400,000 mining machines have stopped operating. Previous reports from F2Pool indicated that with the network difficulty running at high levels, most older Bitcoin mining machines have fallen below their shutdown price.