China’s crackdown on Bitcoin mining sparks a restructuring of the distribution of the ecosystem, impacting the hash rate in the short run.
China’s crackdown on Bitcoin (BTC) mining operations has led to a significant drop in the network’s hash rate, but industry participants believe it presents an incredible opportunity for the mining ecosystem.
China has long been a major contributor to the Bitcoin mining space, at times accounting for more than 70% of the global hash rate of the world’s preeminent cryptocurrency. That was up until June 2021, when the Chinese government moved to shutter a number of the world’s biggest mining centers.
Local media has reported that 26 major Bitcoin mining hubs were forced to shutter in Sichuan, which has had a dramatic effect on the global hash rate.
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