Bitcoin hash rate Collapses

The Bitcoin hash rate has hit a new eight-month low. The BTC mining ban in China is having an effect and supports the bearish stimming in the market. Overall, the Bitcoin hash rate has plummeted by more than 40% in the last 5 weeks. China is trying to strengthen its own digital currency with a BTC mining and trading ban.While the Bitcoin hash rate reached a local low, the Bitcoin price could not break the important mark of USD 42,000 again. As a result, the BTC price fell below $ 33,400 on Sunday. The large-scale ban on Bitcoin mining in China has sent the hash rate down for the time being.China is vehemently enforcing the mining ban and forcing the mining farms to cease operations by a certain deadline. Partly with unannounced searches to “speed up” the process. Bitcoin miners have to look for new locations or permanently cease operations and sell their mining hardware.Before the ban, the share of the total hash rate in China was over 60%. This share, which is also one of the biggest criticisms of the decentralization of Bitcoin, is currently falling suddenly and is spreading worldwide. In addition, many new mining farms use, for example, based in North America, sustainable energy sources. This development thus further promotes green BTC mining. According to Cambridge University, 39% of the total Bitcoin hash rate currently comes from sustainable energy sources.This not only eliminates the point of criticism of hash rate centralization in China, but also the debate about environmentally harmful BTC mining from coal power in China. Nevertheless, the effects of the ban have a short-term negative impact on the Bitcoin price. In the long term, the development for the worldwide adoption of the decentralized payment network is to be assessed positively.Due to the BTC hash rate…