The consequences of the nationwide Chinese crackdown on Bitcoin mining are more than evident in a few short weeks. The hashrate has dropped dramatically by nearly 50% from its peak, the number of daily issued coins has declined, and the Puell Multiple has reached a multi-month low.
The Effects of the Chinese Crackdown
Although Bitcoin has been banned in China for years, the Asian Superpower doubled down on its stance just recently. It went further this time by ordering several regions to halt BTC mining due to environmental issues.
Being responsible for over 60% of all Bitcoin mining until that moment, this decision had an immediate impact on the network’s hash rate. The metric, which is a measuring unit of the processing power on Bitcoin’s blockchain, dropped to around 100 Ehash/sec for the first time since November 2020. On a shorter scale, this represents a near 50% decrease since the peak in May.
Bitcoin Hash Rate. Source: BitInfoCharts
While miners complete their transition fr

Czytaj więcej

Źródło: https://cryptopotato.com/the-china-effect-bitcoins-hashrate-to-an-8-month-low-as-the-issuance-of-new-btc-slows-down/