On December 14-15, the Bitcoin hash rate fell by 8%, or approximately 100 EH/s, according to Nano Labs founder Jack Kong.

The rate fell 17% over the week, amid reports of mining farm closures in Xinjiang, China. According to local community members, Chinese authorities confiscated or disabled between 200,000 and 400,000 Bitcoin mining devices.

Some experts cited a Reuters report published in late November as the primary reason for the raids. The agency stated that China's mining sector is experiencing a "quiet resurgence," with the country's share of the global hash rate rising to 14%.