![China ban fails to impact support of Bitcoin network: Report 15 China ban fails to impact support of Bitcoin network: Report 15](https://cryptonews24.eu/wp-content/uploads/2022/03/tech-bitcoin-blockchain.jpg)
Bitcoin mining hash rate surged three fold since the national ban on the crypto industry by the Chinese authorities.
China is a technology-adaptive country in the world and in the present time country’s government agencies are directly active in many types of blockchain-based initiatives, to bring efficiency & modernization to traditional systems. In the present time Metaverse, NFTs & Central Bank Digital Currency (CBDC) based works are going on smoothly at a very high level but without the involvement of cryptocurrencies.
On 21 May 2021, The People Bank of China, Central Bank of China, announced a ban on the crypto sector. Under the ban decision, China ordered all kinds of crypto-related companies including mining companies to exit the mainland of China.
When China announced ban on cryptocurrencies, the Bitcoin network hash rate plunged to 86.292 million TH/s. Due to the sudden downfall in the Bitcoin network hash rate, the price of Bitcoin plunged badly within a few hours.
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![China ban fails to impact support of Bitcoin network: Report 11 China ban fails to impact support of Bitcoin network: Report 11](https://cryptonews24.eu/wp-content/uploads/2022/10/image-5.png)
Now after 21 May to this date, the Bitcoin network hash rate surged by around 3 times, as per a report shared by Reflexivity Research on 5 October 2022.
![China ban fails to impact support of Bitcoin network: Report 12 China ban fails to impact support of Bitcoin network: Report 12](https://cryptonews24.eu/wp-content/uploads/2022/10/image-4.jpeg)
Just a couple of days ago, Bitcoinik.com reported that the Bitcoin network hash rate hitted 240.208 million TH/s on 2 October.
![China ban fails to impact support of Bitcoin network: Report 13 China ban fails to impact support of Bitcoin network: Report 13](https://cryptonews24.eu/wp-content/uploads/2022/10/image-4-1024x550.png)
Bitcoin Price
At the time of writing this article, the price of Bitcoin is $20,033 and this price is 62.8% down over the last 12 months of trade value.
![China ban fails to impact support of Bitcoin network: Report 14 China ban fails to impact support of Bitcoin network: Report 14](https://cryptonews24.eu/wp-content/uploads/2022/10/image-3-1024x965.jpeg)
All these analyses are showing that the China crypto ban impacted price support for Bitcoin but failed to degrade the technical support of the Bitcoin network, which is a big win for Bitcoin against the China ban.
Read also: $56M withdrew by executives of Celsius before the bankruptcy filing
China ban fails to impact support of Bitcoin network: Report
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