According to data provided by the mining calculator CoinWarz, the Bitcoin hashrate fell at 103.34 EH/s.
Related: Sichuan province miners ordered to stop work until June 20
Hashrate is an important indicator of BTC performance as it reflects the value of how many hashes are being produced by miners attempting to solve a BTC block. So, it depends on the mining difficulty and the average Bitcoin block time between mined blocks.The decline resulted mainly from China's mining crackdown. In May, China banned financial institutions from delivering crypto-related services and reiterated the mining crackdown.
A few days ago Chinese authorities shutdown mining in the second-biggest bitcoin mining province Sichuan that comes after Xinjiang. The four largest mining regions - Xinjiang, Sichuan, Inner Mongolia, and Yunnan have implemented similar crackdown measures.
Chinese miners are considering other countries to move to. In this situation, Bitcoin's price has seen a major drop. Currently, it trades at around $33.000 with a market cap of $618.4 B.