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The hash rate has dropped by 45% and Bitcoin just keeps working - like clockwork


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This is Bitcoin shrugging off China's recent ban....

Does this affect users? Blocks may take an extra minute to be mined, temporarily. Other than that, Bitcoin is completely unaffected.

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hashrate is the measuring unit of the processing power of the Bitcoin network and it's dropping recently due to shutting down the mining in China. But the bitcoin network is still working perfectly because the mining is decentralized, miners are everywhere.

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Yes, this time they are ending it for sure, in all the provinces that were mining, they are effectively closing them and this is the reason:

China's CBDC (Central Bank Digital Currency) or Digital Yuan.

They want total control over the currency and over their population. Centralized digital money under their total control combined with the 'social credit score' Orwellian program, they will effectively have every citizen under their thumb, with no way out of the Authoritarian total centralized control.

Xi is becoming effectively an Emperor with no way to take him out of power. The communist party already closed all the avenues that could lead to that (legal, political, economical ones), crushing all forms of dissent and all freedoms.

Do you speak ANYTHING other that absolute praise for the communist party and Xi? You get social demerits and can't travel, can't purchase things with your digital money, etc. An authentic 'Black Mirror' dystopia.

Yes, these are fantastic news for Bitcoin:

  • Bitcoin mining gets more decentralized.
  • Bitcoin mining gets more clean (renewable energy sources).
  • Bitcoin miners in other countries become more profitable.
  • Bitcoin miners all around the world get cheap mining rigs from China.
  • Mining difficulty automatically adjusts as per protocol, neutralizing the effects of less (or more) mining rigs coming on/off line.
  • This kills the FUD about: “China controls Bitcoin!” (China will have no miners, no exchanges, no nothing to ‘control’)
  • This kills the FUD about: “Bitcoin uses dirty energy!” (Bitcoin mining uses mainly clean energy but in China part of the mining was being done with coal).
  • This kills the recurrent FUD: “China bans Bitcoin!” (there’s nothing left to ‘ban’ for them in the future).
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