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China ban fails to impact support of Bitcoin network: Report

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China ban fails to impact support of Bitcoin network: Report 15

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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Bitcoin price chart in the timeframe of China’s ban on the crypto sector

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
Bitcoin’s historical hash rate chart. Source: Reflexivity Research

Just a couple of days ago, Bitcoinik.com reported that the Bitcoin network hash rate hitted 240.208 million TH/s on 2 October.

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Bitcoin mining hash rate based on the 7-day average. Source: Blockchain.com

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. 

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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

 

https://bitcoinik.com/china-ban-fails-to-impact-support-of-bitcoin-network-report/feed/

https://bitcoinik.com/china-ban-fails-to-impact-support-of-bitcoin-network-report/feed/

 

 

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