It’s been 150 days since China banned Bitcoin (BTC) mining — and BTC price action has only benefited as a result.
Five months ago, China caused a considerable but not unsurprising stir by doubling down on its hostile environment policy toward cryptocurrency.
Bitcoiners to China: Thanks for the ban
Just like every “ban” before it, China’s move against miners saw temporary price turbulence, matching the biggest physical upheaval in Bitcoin’s history.
As miners powered down and relocated out of China, Bitcoin’s network hash rate fell 50%, with difficulty slowly adjusting for the changes in the months that followed.