Earlier this year, the Chinese government took the momentous step to ban any crypto mining operations based within its borders, causing a massive exodus of hashing power — 168 exa hashes per second (EH/s) to nearly 86 EH/s as of June 23, representing a drop of nearly 40% — from China to surrounding countries.
As a quick refresher, the hash rate refers to the total computational power needed to acquire a single Bitcoin (BTC). In other words, one can say that while central banks issue fiat currencies, miners are provided with new Bitcoin for solving pieces of complex mathematical code referred to as blocks.
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