China’s crackdown on Bitcoin (BTC) mining operations has led to a significant drop in the network’s hash rate, but industry participants believe it presents an incredible opportunity for the wider mining ecosystem.
China has long been a major contributor to the Bitcoin mining space, at times accounting for more than 70% of the global hash rate of the world’s preeminent cryptocurrency. That was up until June 2021, when the Chinese government moved to shutter a number of the world’s biggest mining centers.