BTC hashrate drops 8% in one day amid Xinjiang mining farm closures

The Bitcoin hashrate has fallen by approximately 8% in a single day, a decrease of 100 EH/s, Wu Blockchain reported, citing an official from Nano Labs, a Nasdaq-listed semiconductor manufacturer for mining. The official attributed the drop to the closure of BTC mining farms in China's Xinjiang region, which has resulted in at least 400,000 mining rigs shutting down. The specific reason for the closures remains unclear, the official added.