​​BTC: $32,905.21 (-3.51%) Bitcoin hashrate drops by nearly | Best Crypto Traders Official

​​BTC: $32,905.21 (-3.51%)

Bitcoin hashrate drops by nearly 50% following China's mining crackdown

Quick Take:
Bitcoin hashrate has declined by nearly 50% in over a month, according to The Block Research.
China’s mining crackdown and bitcoin price drop are the two main reasons for the hashrate fall.

The hashrate has dropped significantly after the government of China last month moved to shut down bitcoin mining activities in some regions, including Xinjiang and Sichuan. These two regions alone estimated to have 50 exahashes per second (EH/s) hashrate or about 30% of the total bitcoin hashrate.

About 65% of the world's bitcoin mining took place in China as of April 2020, according to the Cambridge Bitcoin Electricity Consumption Index. Over the months, however, that dominance has been fading, as The Block reported recently. Market participants at the time said that China has less than 50% share of the bitcoin hashrate.

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