According to BTC.com, the hashrate of the largest Chinese Bitcoin mining pools, in particular AntPool, F2Pool, Poolin and BTC.com, dropped from 11% to 30% per day on June 9.
In addition, on the pools of cryptocurrency exchanges Huobi and Binance, the indicator fell by more than 10%. At the same time, on the Slushpool and Foundry USA pools, the hash rate remains stable, since there are practically no miners from China on them.
The drop in the hash rate is associated with the bans of the Chinese authorities on mining. Authorities in Changji Prefecture in China’s Xinjiang Uygur Autonomous Region have ordered miners in Shandong Technology Park to cease operations. Shandong Park is a free economic zone with coal production facilities, power plants and factories. It is in this zone that significant mining capacities are located.
Due to regulatory concerns, many Chinese miners are trying to withdraw their capacity from the country. According to Edward Evenson, Development Director of Braiins, Chinese miners are trying to open farms in North America, and some are moving their capacities to Kazakhstan. Recently, the first foreign service center of the manufacturer of mining equipment Canaan Creative was opened in this country.