Post
Topic
Board Bitcoin Discussion
Re: China’s Bitcoin ban is short-term negative, long-term positive
by
pooya87
on 23/06/2021, 02:59:25 UTC
How can you say that after what happened in Xianjing? We had a forced closure of mining farms, documented even by Chinese miners and the hashrate dropped to 30% exactly on that day, as soon as they reopened the hashrate went back to normal.
It may be slightly higher, it is just an approximation, maybe an extreme one but still.
Also keep in mind that over the past two month we have had a lot of price drops and these falls started after we were sitting above $50k for a couple of months, which means hashrate had grown to that price or close to it. That also means part of the hashrate drops is because of miners' low profit (or lack of it). We can't associate it all with China, even the sudden drops.

If you put price charts and hashrate charts together last time price was in $30k range hashrate was 114 on average and currently it is about 90 on average which is a 20% drop. Of course when price was $58k on average the hashrate was 140 on average which we shouldn't use in calculation for obvious reasons I mentioned above. But when you do you get 35% which is misleading.