Original Canaan Inc. Co-Chairman: Recently, about 400,000 Bitcoin mining machines in Xinjiang, China have been shut down.

December 15 – Kong Jianping, former co-chairman of Canaan Inc. and current founder/chairman of Nano Labs, referenced a prior tweet (“Xinjiang Bitcoin mining facilities are gradually shutting down”) on Thursday. He noted that, based on Bitcoin’s recent hashrate drop, at least 400,000 mining machines (average 250T per unit) have been shut down recently. Earlier data from F2pool shows the Bitcoin network’s current hashrate is 988.49 EH/s, a 17.25% decline from the same period last week. Notably, foreign media reported in November that Bitcoin mining activity had picked up again in Xinjiang and other Chinese regions. As of October 30, 2025, China accounted for ~14% of global Bitcoin hashrate (third-largest globally). Subsequently, on November 28, the People’s Bank of China led 13 departments to launch a special campaign targeting virtual currency trading and speculation.