PANews reported on December 15th that 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 Bitcoin hashrate has decreased by 100 EH/s compared to 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.

According to previous reports, F2Pool data shows that with the network difficulty running at a high level, most older Bitcoin mining machines have fallen below their shutdown price.