China has banned Bitcoin for 150 days (Bitcoin) Mining-and the price trend of BTC also benefits from this.
Five months ago, China cause By doubling its hostile environmental policy against cryptocurrencies, it caused a considerable but not surprising sensation.
Bitcoiners to China: Thanks for the ban
Like every previous “ban”, China’s actions against miners have witnessed temporary price turmoil, matching the largest physical turmoil in Bitcoin’s history.
As the miners lose power and Moving out of China, Bitcoin’s network hash rate has dropped by 50%, and it is difficult to slowly adapt to the changes in the next few months.
However, since then, there has been a strong renaissance, and now the network and its security Almost erased Any traces of Chinese influence. At the same time, the price trend of BTC shows a clearer trend.
“China only banned BTC trading and mining 150 days ago,” analyst Willy Woo Summarize About the plot.
“Today, the network is more decentralized than ever, and prices have risen by 50%. Anti-fragile.”
As Cointelegraph ReportThe irony is that Beijing’s anti-bitcoin measures led to price increases, not declines, and it now proves that 2021 will be no exception.
this Hash rate data It further shows how China’s absence has improved decentralization and eliminated the weakness that has been a feature of mining for many years.
Wu once watched Potential advantage The mining ban was imposed before BTC/USD even began to recover, ironically calling China’s actions “selfless”.
At the same time, the U.S. is now estimated to be Largest participant When it comes to the Bitcoin network hash rate.
Miners in post-China
The current behavior of miners underscores the long-term view taken by network participants since China’s withdrawal.
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Data from the on-chain analysis company CryptoQuant shows that although the price of BTC is close to historical highs, the outflow of miners is still very low, and its reserves are close to historical lows.
Miners and long-term holders are the same Refuse to sell Since BTC/USD is expected to hit a new high and a maximum price of up to 300,000 US dollars, it is the current level.
