Xinjiang authorities have reportedly shut down between 400,000 and 500,000 Bitcoin miners, leading to a 10% drop in the global hashrate within 24 hours. This action is part of a broader effort by China's central bank and financial regulators to tighten control over cryptocurrency mining and energy use. The crackdown comes as the approval of a spot Bitcoin ETF approaches, highlighting China's focus on regulating its financial and energy sectors. Xinjiang, previously a major hub for Bitcoin mining, is now a focal point in China's regulatory strategy. The impact on miner migration and the Bitcoin ETF approval timeline is being closely monitored by market analysts.