BTC price up 50% as “altruistic” China forbids Bitcoin mining

It’s been 150 days since China banned Bitcoin (BTC) mining – and the BTC price action has only benefited from that.

Five months ago, China caused significant, but not surprising, buzz by doubling its hostile environmental policy towards cryptocurrencies.

Bitcoiner to China: Thanks for the ban

As with every “ban” before, China’s crackdown on miners experienced temporary price turmoil, the largest physical volatility in Bitcoin history.

When the miners closed and left China, Bitcoin’s network hash rate dropped by 50%, with it being difficult to slowly adjust to the changes in the months that followed.

However, there has been a dramatic renaissance since then, and now its network and security have effectively wiped out any trace of Chinese influence. The BTC price action, i.e. white, shows a much clearer trend.

“China only banned BTC trading and mining 150 days ago,” says analyst Willy Woo summary about the episode.

“Today the network is more decentralized than ever and the price has increased by + 50%. Defragmentation. “

Ironically, as Cointelegraph reported, Beijing’s anti-Bitcoin moves have led to price increases rather than decreases, and 2021 has now proven no different.

Hash rate data shows how China’s absence enhances decentralization and addresses a weakness that has shaped mining for many years.

Woo saw potential plus behind the mining ban before BTC / USD even began to recover, and humorously called China’s approach “altruistic”.

Meanwhile, the United States is currently valued as the largest participant when it comes to the hash rate of the Bitcoin network.

Post China Hodl Miners

The current mining behavior underlines the long-term prospects for network participants since China left.

Related: All Time High Close Of Week – 5 Things To Watch For Bitcoin This Week

Data from online chain analytics firm CryptoQuant shows that miners’ outflows remain low despite the price of BTC nearing an all-time high while its reserves are near historic lows.

Both miners and long-term sellers are refusing to sell at current levels in anticipation of new highs and highs of $ 300,000 for BTC / USD.