​Ever since China started instituting a nationwide crackdown on bitcoin mining, the country has been losing its spot as the industry’s hotbed. As companies were ordered to pull the plug and probed from maintaining operations in the country, the total Bitcoin hashrate started declining rapidly. But now, as miners are successfully finding a new home and rebooting operations, the hashrate has been trending up.

In May, China’s state council recommended the country act on a renewed crackdown on bitcoin mining and trading, prompting local governments to target bitcoin miners with shutdown orders and inspection notices. What started as a crackdown on fossil fuel-powered plants developed to become a nationwide effort to ban bitcoin mining, triggering the great ASIC exodus.


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