It’s been 150 days since China banned Bitcoin () mining — and BTC price action has only benefited as a result.
Five months ago, Chinaa considerable but not unsurprising stir by doubling down on its hostile environment policy towards cryptocurrency.
Bitcoiners to China: Thanks for the ban
Just like every «ban» before it, China’s move against miners saw temporary price turbulence, matching the biggest physical upheaval in Bitcoin’s history.
As miners powered down and, Bitcoin’s network hash rate fell 50%, with difficulty slowly adjusting for the changes in the months that followed.
Since then, however, a powerful renaissance has occurred, and now the network and its security haveany trace of China’s impact. BTC price action, however, shows a much clearer trend.
«China banned BTC transactions and mining only 150 days ago,» analyst Willy Wooabout the episode.
«Today the network is more decentralised than ever and price has risen +50% . Antifragile.»
As Cointelegraph, anti-Bitcoin moves by Beijing have ironically led to price increases, not decreases, and 2021 has now proven itself no different.
Thefurther shows how China’s absence has improved decentralization, dissolving a weak point which had characterized mining for years.
Woo had seen thebehind the mining ban before BTC/USD had even begun to recover, wryly calling China’s actions «selfless.»
The United States, meanwhile, is now estimated to be thewhen it comes to Bitcoin network hash rate.
Miners HODL post China
Current miner behavior underscores the long-term perspective taken by network participants since China exited.
Miner outflows remain low despite the BTC price nearing all-time highs, while their reserves are near historic lows, data from on-chain analytics firm CryptoQuant shows.
Bitcoin miner outflows chart. Source: CryptoQuant
Both miners and long-term hodlers alike areat current levels amid anticipation of new highs and a blow-off top of up to $300,000 for BTC/USD.