Cryptocurrency took another hit over the past 24 hours, especially the number one blockchain as the hashrate of Bitcoin (BTC) has fell by some 17% and may yet fall some more.
News has been circulating in regards to the Sichuan province in China, where recently it has been ordered that all energy companies, that do supply electricity to Bitcoin miners, thus to stop providing power to mining farms in the region immediately, resulting in the closure of an initial 26-Bitcoin mining farms.
The news out of China and the falling hashrates have caused Bitcoin’s price to plummet by over 8% in the last 48-hours from 20th - 22nd of June, 2021, to initially around USD$34,000, dropping further still to a lower at around USD$31,250.
It can be taken a couple of ways by investors and hodlers alike as with previous sharply decreasing hash rates - in the past these decreases in hash rate have crashed the price of Bitcoin, before BTC quickly bounced back.
Back in April 2021, China saw a huge 30% cut in hash rates, largely due to power outages in Xinjiang that contributed to a USD$10,000 decline in price - this was seen as a quick opportunity by those who realised what was happening - thus creating a temporary safety net before a slow rise - if this had not happened the damage could have been much worse.
Mining pools have not seemingly been hit too hard globally, with U.S. mines doing particularly well being a bit more stable. Slushpool and Foundry USA, have actually remained pretty steady over the course.
It could be seen that China is doing the rest of us a favour, regardless of mine closures it will not be long before someone takes up the mantel and those mines will be elsewhere - and as your reporter suspected - China would start to lash out at Bitcoin as the country moves towards introducing it's own national token in the Digital Yuen - basically offering up an opportunity to quickly grab as many Bitcoin and/or satoshi as possible before the surge back up the price charts.
In my opinion do not despair... Grab as much BTC as you can from wherever you can during this temporary dip. Don't sell if you Hodl... Obviously all you pro investors out there in Cryptoland know exactly what to do... Carry on!
Since the China BTC mining Purge began, there have been many good news reports of Chinese bitcoin miners relocating their equipment a good distance away from China. This will no dounbt see hash power moving towards Central Asia, North America, and the European Union.
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