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A change of 12% over 24 hours is well within the fluctuation caused by the probabilistic nature of mining.

Looking at the charts I can't see any clear drop: https://www.coinwarz.com/mining/bitcoin/hashrate-chart

Extrapolating that bitcoin mining escaping from china is the cause of the protests seems a little too far-fetched.

It's funny you say that, because after adjusting for timezones, the two prior largest drops on that chart you shared are:

Dec 25th - Christmas (obs .worldwide) Dec 16th - Kazakhstan Independence Day

Maybe not a robust analysis, but sure seems like events in Kazakhstan can have an impact on global hash rates.

Zoom out. Drops of that magnitude are frequent. And why christmas should make it drop, while on the 1 jan was at all-time-high? Should holidays make it drop or grow?

The drop in may-july 2021 is significant.

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