Bitcoin hash rate collapsed.Bitcoin hash rate hits a new high… | Author: Titus | Capital | June 2021
Bitcoin’s hash rate hit an eight-month low.China’s BTC mining ban is having an impact and supports bearish stimulus market. Overall, Bitcoin’s hash rate has plummeted by more than 40% in the past 5 years week. China is trying to strengthen its digital currency through Bitcoin mining and trading ban.
Although the Bitcoin hash rate reached a local low, the price of Bitcoin failed to break through the important $42,000 mark once again. As a result, the BTC price fell below 33,400 USD on Sunday. China’s massive ban on Bitcoin mining caused a temporary drop in hash rate.
China is vigorously enforcing the mining ban and forcing mines to suspend operations for a certain period of time deadline. Partly “speed up” through unannounced searches process. Bitcoin miners must find new locations or permanently stop operations and sell their mining hardware.
Before the ban, China’s share of total computing power exceeded 60%.This share is also one of the biggest criticisms of decentralization Bitcoin, Is currently falling suddenly and spreading worldwideIn addition, many new mines use sustainable energy sources such as those located in North America. Therefore, this development further promotes green BTC miningAccording to data from the University of Cambridge, currently 39% of Bitcoin’s total computing power comes from sustainable energy source.
This not only eliminates China’s criticism of the centralization of computing power, but also eliminates environmentally harmful arguments Bitcoin Coal mining in China.Nevertheless, the impact of the ban has had a short-term negative impact on Bitcoin price. In the long term, development of The global adoption of decentralized payment networks will be positively evaluated.
Due to the sharp drop in BTC’s computing power, the difficulty has been lowered in recent weeks, and the search for new blocks has become easier. miner. Mining difficulty ensures that each block is discovered every 10 minutes Average. It is this mechanism that guarantees that Bitcoin can reach a maximum of 21 million BTC during the year 2140.
China’s ban on Bitcoin mining goes hand in hand with the country’s efforts for the digital renminbi, which is currently becoming more and more popular among people.Register for the bank APP lottery, users can win 200,000 gift packages for 200 yuan Each.
China is currently trying to take the lead in the field of digital central bank currency (CBDC). Because the United States, the European Union and other countries are also planning their own digital currencies in the next few years. BTC has triggered a veritable trend in the past ten years. The competition of digital currency is entering its first hot stage. Bitcoin, as the only alternative to central bank digital currencies, will play a very important role in this regard. ten years.
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