Between December 14 and 15, the hashrate of the leading cryptocurrency network fell by 8%—approximately 100 EH/s. This was stated by Nano Labs founder Jack Kong.
算力较昨天掉了100E，跌了8%，按照平均250T，至少关了40万台 机器关了 https://t.co/cCg1F0DXOF
— Jack孔@Nano Labs(NA)🇭🇰 (@punk8185) December 15, 2025
Experts at BlockBeats noted that over the week, the figure dropped by 17.25%. As of December 15, it stood at 988.49 EH/s, according to F2Pool.
Possible Cause
According to Kong, the decline in hashrate is due to the closure of mining farms in Xinjiang, China. Journalist Kuai Dong expressed a similar view.
看好几个矿圈老人今天说这个事，那应该是真的了。
不过具体因这波中国加密政策收紧，到底是 20 万还是 40 万台比特币矿机被查封、停机，现在大家还不太确定。看孔剑平推测的是，这波严打有 40 万台机器关了。
还记得上个月，路透社独家爆料，有新疆的比特币矿商正在重启挖矿，使中国重返全球第 3。… https://t.co/HQ4iQC832T pic.twitter.com/819VwbUc7N
— AB Kuai.Dong (@_FORAB) December 15, 2025
He referred to statements from unnamed members of the mining community. According to their information, Chinese authorities have confiscated or shut down between 200,000 and 400,000 bitcoin mining devices.
Some experts cited a Reuters report from late November as the primary reason for the raids. The agency claimed that the mining sector in China is experiencing a “quiet resurgence,” with the country’s share in global hashrate rising to 14%.
Journalists spoke with private Chinese miners. A contact from Xinjiang mentioned returning to cryptocurrency mining at the end of 2024.
“A lot of energy cannot be transmitted outside Xinjiang, so it is consumed through cryptocurrency mining. New facilities are being built—people mine where electricity is cheap,” he noted.
According to TheMinerMagazine, before the official ban on digital assets in China in 2021, Xinjiang was considered the informal capital of bitcoin mining.
Users reported police raids on farms in the region as early as June. However, no confirmations from law enforcement have emerged.
Following the Reuters publication, the People’s Bank of China confirmed the illegal status of cryptocurrencies in the country.