The BTC token price—and more importantly, the network’s hash rate—has continued to plummet following a series of Chinese government actions. These actions, in the form of restrictions on financial services and digital asset mining (transaction processing) follow rumors that most, if not all, digital asset activity would become illegal in China soon.

Prices for BTC and most other digital assets (including BSV) have dropped by around 20% in the past week as the news spread. BTC’s network hash rate fell from an all-time-high of 180.666m TH/s on 14th May to 120.46m TH/s at press time—its lowest point since November 2020 (at that time, it was increasing).

This is significant as China has long been a major hub for digital asset mining activity, thanks mainly to the lower cost of electricity in some regions. The loss of this hashing power—likely well over a third of all the hashing power currently available to BTC—is a serious concern for…

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