China was considered a hub for crypto mining as both the local and international crowd had settled themselves within the region because of cheap electricity and cost-effective mining equipment. Bitcoin mining taking place in the whole world remained shady and grey before the magnitude of mining taking place in China alone. But then everything changed as China decided to go nuts against the idea of decentralization and cryptocurrencies, for that matter.
The country announced a very severe backlash for Bitcoin mining and the mining of other cryptocurrencies as well. This made the hash rate of Bitcoin go crazy and plummet to the ground; these events are also recorded in history as the mid-May crash. This was the period when the whole crypto market did sink itself to the bare bottom of the financial crisis. The whole thing was just out of control; picture a scenario in which no one can even speak about cryptocurrency or decentralization for that matter; this is what’s taking place in China.
This is how hard China went against this whole thing. Miners started fleeing the country looking for other friendly frontiers regarding crypto mining, and Bitcoin would have to struggle day in and out to be able to get back on its feet and increase the hash rate in the upcoming months. It took nothing less than three months for Bitcoin to reach an average production rate for mining, and that is when the crypto began to stabilize itself against all the cruelty and crackdown that China had instilled on the cryptocurrency.
Recently enough, the overall hash rate for Bitcoin spiked itself to 177.5 EH/s, as the data from Blockchain.com suggests. The hash rate metric has managed to secure a very decent recovery after plunging itself down to the lowest of its value. It seems that even if China is not willing to lend a friendly hand to the idea of decentralization and is adamant about staying on the course of crypto destruction. But Bitcoin and the crypto market don’t have to worry about anything at all. Almost none of the present hash rate is being transmitted from China, which means that the crypto mining industry has once again found great footing in the rest of the globe and is not at the mercy of China at all.
