The Bitcoin network has experienced a significant drop in hashrate following the recent halving event. According to reports, approximately 400,000 Bitcoin mining machines were shut down in China. This development marks the sharpest post-halving decline in hashrate since 2024. The reduction in mining activity in China appears to be a key factor driving the network's hashrate decrease. The shutdown was reported by the former chairman of Canaan. The halving event reduces the reward for mining new blocks, and combined with the machine shutdowns, it impacts the economics of Bitcoin mining.

The Bitcoin network has experienced a significant drop in hashrate following the recent halving event. According to reports, approximately 400,000 Bitcoin mining machines were shut down in China. This development marks the sharpest post-halving decline in hashrate since 2024. The reduction in mining activity in China appears to be a key factor driving the network's hashrate decrease. The shutdown was reported by the former chairman of Canaan. The halving event reduces the reward for mining new blocks, and combined with the machine shutdowns, it impacts the economics of Bitcoin mining.