Kong Jianping points out the Bitcoin mining crisis: 400,000 units halted due to successive shutdowns at Xinjiang sites

WalletDivorcer · 2026-01-29T01:05:25+00:00

Kong Jianping pointed out the serious impact of the shutdown of Bitcoin mining facilities in Xinjiang Uygur Autonomous Region, analyzing that the hash rate has decreased by 100EH/s and 400,000 mining machines have been halted. The pressure to淘汰 older equipment is also increasing, and the industry is entering a new adjustment phase.

WalletDivorcer

2026-01-29 01:05:25

Abstract generation in progress

Nano Labs founder and former co-chairman of the board of Canaan Technology, Kong Jianping, has disclosed serious issues in the recent Bitcoin mining industry. As mining facilities in Xinjiang Uygur Autonomous Region are being shut down on a large scale, a ripple effect is spreading throughout the entire industry.

Series of Closures of Xinjiang Mining Facilities Shock the Network

Kong Jianping is focusing on the large-scale shutdown of Bitcoin mining farms based in Xinjiang Uygur Autonomous Region. This area was previously one of the key global hubs for mining industry. However, recent facility closures have revealed a sharp reduction in mining activities.

Reality of 100EH/s Drop in Hashrate

According to specific data, Bitcoin’s hashrate has decreased by 100EH/s (exahashes per second) compared to the previous day, representing an overall decline of about 8%. This figure suggests significant operational changes within the industry. Based on Kong Jianping’s analysis, considering the average mining equipment has a hashrate of 250T, this decline indicates a substantial scale of equipment shutdowns.

400,000 Mining Machines Cease Operation

Kong Jianping has analyzed the background of the hashrate decline in detail. His calculations indicate that at least 400,000 mining machines have stopped operating. This is not merely temporary maintenance but appears to be a shutdown driven by economic reasons.

Difficulty Adjustment Pressures Old Equipment to Exit

Analysis from industry data pool F2Pool suggests that, due to the network difficulty remaining at high levels, most older Bitcoin mining machines are no longer profitable. Under these conditions, there is a strong tendency for older equipment with high power costs to be forced to shut down first.

Kong Jianping’s remarks indicate that the Bitcoin mining industry is entering a new adjustment phase. As the influence of Xinjiang-based operations diminishes, the overall network hashrate composition is also set to change significantly.

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