#binance #hype #zec #near
18/12/25 13:49 UTC-04

Analysts: Bitcoin’s Pullback Is Driven by Problems Faced by Chinese Miners

Bitcoin miners in China’s Xinjiang province are disconnecting from the network following another wave of crackdowns by the authorities. As of now, up to 400,000 mining machines have already been taken offline, leading to a decline in the hashrate.

Interestingly, analysts at Bull Theory linked the current Bitcoin pullbacks to selling driven by more complex factors:

One of the main reasons is the renewed intensification of China’s repression of mining.
Indeed, the network’s hashrate has fallen by approximately 8%, which is quite significant given that China still controls around 14% of the global computing power of the Bitcoin blockchain.

It is believed that this has prompted Asian investors to begin selling, with the process being accelerated by miner capitulation — shuttered mining farms are forced to sell their BTC reserves and equipment to cover losses.

In addition, Asian exchanges such as Binance, Bybit, and OKX have shown consistent net spot selling throughout the fourth quarter, while U.S. exchanges like Coinbase continue to record net buying.

“This is not panic selling. It is an exchange of supply. Until this pressure disappears, prices usually remain low,” the experts noted.

According to a Wednesday report from Luxor, Bitcoin’s hashrate has dropped by 10%, from 1,160 EH/s in October to 1,045 EH/s in December, accompanied by three consecutive negative difficulty adjustments.

Furthermore, Luxor data shows that the hashrate price, which determines a miner’s potential revenue, is at a record low of $0.036 per terahash per second per day. Declining profitability and rising costs are placing additional pressure on miners, forcing them to sell their resources.

Today, Bitcoin attempted to reach the $90,000 level, as it did yesterday, but the pullback occurred before touching $89,000. Bitcoin dominance, according to CoinGecko, remains high at 57.5%.

See also: "JPMorgan: Bitcoin miners will face an even greater decline in profitability"

#Bitcoin (BTC) #Mining

Editor: Yuliya Soroka
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