China Crypto Crackdown, Hashrates Dropping
Updated
Major disruptions in the hashrate falling off the curve.
First was a major outage in Chinas Xinjiang blackouts on Apr 17 followed by huge outflows from Binance on the 18th.
twitter.com/caprioleio/status/1383471125393408001
Second massive event to hashrate is still playing out. Large miner operations are exiting China because of the ban.
twitter.com/DoveyWan/status/1396005513268105216
I don't think China wants bitcoins power consumption on their grid any longer and are exiting in mass.
Its going to take some time to sort this out. Crypto will not be friendly until power consumption ratios are more efficient.
The price (upward /downward trend) of crypto follows its hashrate. Draw your own conclusions, to me I see crypto right now as catching falling knives.
First was a major outage in Chinas Xinjiang blackouts on Apr 17 followed by huge outflows from Binance on the 18th.
twitter.com/caprioleio/status/1383471125393408001
Second massive event to hashrate is still playing out. Large miner operations are exiting China because of the ban.
twitter.com/DoveyWan/status/1396005513268105216
I don't think China wants bitcoins power consumption on their grid any longer and are exiting in mass.
Its going to take some time to sort this out. Crypto will not be friendly until power consumption ratios are more efficient.
The price (upward /downward trend) of crypto follows its hashrate. Draw your own conclusions, to me I see crypto right now as catching falling knives.
Note
Starting to see Hashrate line up to around right before Feb8th price run up, price 38,500.If no more miners go offline this might be bottom.
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