Bitcoin Recovers from Chinese Crackdown

Earlier this year, the Chinese crypto crackdown had a profound affect on Bitcoin mining. Overnight, more than half of the world’s Bitcoin miners were shut down by the Chinese government immediately following China’s ban on cryptocurrency. Although it took some time, the Bitcoin network has finally recovered!

As of Friday, December 10th, 2021, Blockchain.com officially confirmed that the Bitcoin network has now completely paired back the losses it sustained. Within the last 5 months, the hashrate of Bitcoin went up by approximately 113%. Bitcoin’s hashrate recovery is an impressive feat for cryptocurrency. Bitcoin was able to withstand an attack by a major world superpower and managed to reemerge even stronger than it initially was to begin with!

Bitcoin’s hashrate recovery may be advantageous in other ways as well. Bitcoin is back to being at its greatest point of decentralization, which could bring about an even greater degree of adoption in the years to come! This could also mean a quicker market cap recovery, which dropped over 30% since last month.

Although a full recovery of the Bitcoin network was indeed expected, it happened much sooner than many experts anticipated. While some experts were forecasting a January or February recovery date, others were forecasting that Bitcoin wouldn’t be repaired for another six months. Some experts even stated that they didn’t believe the hashrate of Bitcoin would be able to recover till nearly 2023.

The cryptocurrency crackdown in China actually ended up being positive for cryptocurrency mining companies in other parts of the world. American mining companies for example were able to rapidly expand their operations. The fact that this also took place in the midst of Covid was also helpful for mining companies, as quite a bit of government stimulus money was making its way into the cryptocurrency economy.

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