China is a great threat to cryptocurrencies. Or maybe it was. Since the Chinese government banned Bitcoin mining, the crypto market had wiped out $1 trillion of valuation from the peak in April. Why China has a great impact on Bitcoin? There was 65% to 7% of the world’s Bitcoin mining happened in Chia. Since the banning order, it had reduced to 45%. The sharp dropped in hash rates make Bitcoin transaction slowly and costly. It directly affects the Bitcoin network functionality.
Crypto’s China Syndrome May Never be Recovered
Crypto’s China Syndrome May Never be…
Crypto’s China Syndrome May Never be Recovered
China is a great threat to cryptocurrencies. Or maybe it was. Since the Chinese government banned Bitcoin mining, the crypto market had wiped out $1 trillion of valuation from the peak in April. Why China has a great impact on Bitcoin? There was 65% to 7% of the world’s Bitcoin mining happened in Chia. Since the banning order, it had reduced to 45%. The sharp dropped in hash rates make Bitcoin transaction slowly and costly. It directly affects the Bitcoin network functionality.