Bitcoin's mining hairs reaches a low of 101 Th/S

The mining hashrates are a decisive safety key for the Bitcoin Blockchain. The more Hashing-Power the blockchain has, the safer it is against various attacks. The falling hashrate of the Bitcoin network can be strongly attributed to the latest ban on Bitcoin mining activities in China.

Several provinces in China have banned mining cryptocurrencies. The province of Sichuan recently interrupted the power supply of 26 mining farms and other smaller cryptocurrency mines in the region.

The province of Sichuan is a popular destination for cryptocurrency miners thanks to its abundance of hydropower. Bitcoin miner hire their business in the country, some of them move abroad.

So far, Kazakhstan has become a popular destination for some miners. Bit Mining and Canaan have started to be founded in the country and intend to expand over time. Bit mining has already sent 320 mining machines to Kazakhstan and intended to send 2,700 more.

China's decision will lead to control of its power in the cryptocurrency mining industry. China accounts for about 65 % of Bitcoin's hashrate. With the ban on crypto mining activities, however, the miners are expected to move to other countries and end China's dominance.

The CEO of Microstrategy, Michael Saylor, has Chinas Step called “ a billion -dollar error .” According to Saylor, China generates billions of dollars from crypto mining annually, and the country will earn more with the growing market. For this reason, the ban on crypto mining activities according to the Saylor is a big mistake in China.