Did China Just Kill Bitcoin?

 

China just kill 

bitcoin we're now seeing the China bitcoin mining crackdown spread all over the country uh it's now spread to the Szechuan province and people online are understandably upset and worried about this especially because china has banned bitcoin many times as we've talked about they put pressure on bitcoin miners many times but this time it actually looks like the real deal it actually looks like they were driving or trying to drive all the bitcoin mining rakes and mining operations completely out of china and we're seeing this unfold in the hash rates for the different Chinese bitcoin mining pools we have and pool for example.

                                     Which is one of the big ones its hash 

rate has actually fallen quite a bit since i last made a video about this about a month ago i believe the hash rate was around 25 or 30 exo hashes back then but we're seeing you can see the little chart here of the uh the hash rate falling even over the last 24 hours and likewise for a lot of these pools which are Chinese pools f2 pool pool in etc the only one we're seeing going up are is one of the u.s pools which is uh foundry which has moved up sharply over the past past few days so this is affecting the hash rate of the of the complete bitcoin network this is the total hash rate this is the raw values and we can see we've fallen back down to about 102 from the heights of about 166 million tara hashes 166 tara hashes now this is these hash rates are really just approximations and uh so i'm not sure it's quite as bad.

                                   It's definitely 

directionally correct we're now back to levels that are close to where we were about a year ago if we look at a seven day average it also shows that downward trend there's been a lot of talk about what would happen if bitcoin mining was definitively kicked out of China the bitcoin network would crash and go offline i've heard this many many times nope didn't happen did bitcoin's price drop to zero no we're not even at the lows of the previous move if you wonder why bitcoin is actually moving down today you can check out the s p futures which are down uh which are down sharply so we're having kind of a continued sell-off of what's been happening um what's been happening over the past few days some of this is probably due to china's action but bitcoin seems to be moving down with the stock market the Chinese bitcoin mining rates going offline does lower the hash rate of the network as we saw in in this chart now what does this mean what this means is is that there's less computing power protecting the network now it's still a huge amount of hash power that goes a huge a very high hash rate.

                                   That goes into the bitcoin network it's 

much much higher than any other proof of work coin even ethereum still being on on proof of work bitcoin has the highest hash rate and the highest security of any crypto currency so what's happened is the hash rate has moved lower but it's moved from a very high level to still a high level now lower hash rate less competition on the bitcoin network.