{"id":354875,"date":"2021-10-19T13:00:00","date_gmt":"2021-10-19T10:00:00","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/btc-price-is-up-50-since-china-selflessly-banned-bitcoin-mining\/"},"modified":"2021-10-19T13:00:00","modified_gmt":"2021-10-19T10:00:00","slug":"btc-price-is-up-50-since-china-selflessly-banned-bitcoin-mining","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/btc-price-is-up-50-since-china-selflessly-banned-bitcoin-mining\/","title":{"rendered":"# BTC price is up 50% since China \u2018selflessly\u2019 banned Bitcoin mining"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_84 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6a261cc3c849c\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6a261cc3c849c\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/btc-price-is-up-50-since-china-selflessly-banned-bitcoin-mining\/#Bitcoiners_to_China_Thanks_for_the_ban\" >Bitcoiners to China: Thanks for the ban<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/btc-price-is-up-50-since-china-selflessly-banned-bitcoin-mining\/#Miners_hodl_post-China\" >Miners hodl post-China<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># BTC price is up 50% since China \u2018selflessly\u2019 banned Bitcoin mining <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>It\u2019s been 150 days since China banned Bitcoin (BTC) mining \u2014 and BTC price action has only benefited as a result.<\/p>\n<p>Five months ago, China caused a considerable but not unsurprising stir by doubling down on its hostile environment policy toward cryptocurrency.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Bitcoiners_to_China_Thanks_for_the_ban\"><\/span>Bitcoiners to China: Thanks for the ban<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Just like every \u201cban\u201d before it, China\u2019s move against miners saw temporary price turbulence, matching the biggest physical upheaval in Bitcoin\u2019s history.<\/p>\n<p>As miners powered down and relocated out of China, Bitcoin\u2019s network hash rate fell 50%, with difficulty slowly adjusting for the changes in the months that followed.<\/p>\n<p>Since then, however, a powerful renaissance has occurred, and now the network and its security have practically erased any trace of China\u2019s impact. BTC price action, meanwhil, shows a much clearer trend.<\/p>\n<p>\u201cChina banned BTC transactions and mining only 150 days ago,\u201d analyst Willy Woo <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/woonomic\/status\/1409507878365499395\">summarized<\/a> about the episode.<\/p>\n<blockquote><p>\u201cToday the network is more decentralised than ever and price has risen +50% . Antifragile.\u201d<\/p><\/blockquote>\n<p>As Cointelegraph reported, anti-Bitcoin moves by Beijing have ironically led to price increases, not decreases, and 2021 has now proven itself no different.<\/p>\n<p>The\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/cbeci.org\/mining_map\">hash rate data<\/a> further shows how China\u2019s absence has improved decentralization, dissolving a weak point that had characterized mining for years.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/9fc69723-33dc-44f8-ba2f-159b9b354f5e.png\"><figcaption style=\"text-align: center;\"><em>Bitcoin hash rate distribution chart. Source: CBECI<\/em><\/figcaption><\/figure>\n<p>Woo had seen the <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/woonomic\/status\/1409507878365499395\">potential pluses<\/a> behind the mining ban before BTC\/USD had even begun to recover, wryly calling China\u2019s actions \u201cselfless.\u201d<\/p>\n<p>The United States, meanwhile, is now estimated to be the largest participant when it comes to the Bitcoin network hash rate.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Miners_hodl_post-China\"><\/span>Miners hodl post-China<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Current miner behavior underscores the long-term perspective taken by network participants since China exited.<\/p>\n<p><strong><em>Related:\u00a0All-time high weekly close \u2014 5 things to watch in Bitcoin this week<\/em><\/strong><\/p>\n<p>Miner outflows remain low despite BTC\u2019s price nearing all-time highs, while their reserves are near historic lows, data from on-chain analytics firm CryptoQuant shows.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-10\/6ea869fb-a137-4960-b98a-0af18b63c244.png\" alt=\"\" title=\"\"><figcaption style=\"text-align: center;\"><em>Bitcoin miner outflows chart. Source: CryptoQuant<\/em><\/figcaption><\/figure>\n<p>Both miners and long-term hodlers alike are refusing to sell at current levels amid anticipation of new highs and a blow-off top of up to $300,000 for BTC\/USD.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/btc-price-is-up-50-since-china-selflessly-banned-bitcoin-mining\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# BTC price is up 50% since China \u2018selflessly\u2019 banned Bitcoin mining &#8221; It\u2019s been 150 days since China banned Bitcoin (BTC) mining \u2014 and BTC price action has only benefited as a result. Five months ago, China caused a considerable but not unsurprising stir by doubling down on its hostile environment policy toward cryptocurrency&#8230;.<\/p>\n","protected":false},"author":1,"featured_media":354876,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTAvYzNlOGUyZjMtMjhhYy00NzJiLWJmZmItMzc3MzI5OTllNDBlLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74989,74937,74858,4973,73785],"class_list":["post-354875","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-mining","tag-bitcoin-price","tag-bitcoin-regulation","tag-china","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/354875","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=354875"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/354875\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/354876"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=354875"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=354875"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=354875"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}