Recently, there has been lively discussion in the mining community, and rumors of a wave of mining rig shutdowns have resurfaced. Data shows that approximately 14% of the global Bitcoin hash rate comes from a specific region, but the authenticity of this figure is questionable—after all, it is based on IP source tracking, and the actual hash rate distribution may be quite different.

After reviewing the latest mining data, I have some thoughts. The difficulty of mining is worth paying attention to, as it has been in a continuous downward adjustment cycle since November 10. This wave of difficulty reduction is likely closely related to Bitcoin price movements. Difficulty adjustments often reflect miners' entry and exit—a decrease in difficulty usually indicates that a batch of mining rigs is shutting down one after another, which aligns with the rumors of a shutdown wave circulating in the market.

If mining rewards are suppressed, miners' cost pressures will significantly increase, and many marginal mining farms will indeed choose to shut down. This also explains why the hash rate topic remains hot during this period.