It looks like China is again looking to "ban" bitcoin mining.

A lot has changed since they banned mining in 2021.

In 2021, network hashrate was ~160 EH/s. Today, there is ~7.5x more hashrate.

In 2021, China had 40-60% of hashrate. Today, they have ~14%.

In 2021, the United States had relatively abundant excess electricity. Today, supply is tight due to increased demand from AI hyperscalers.

This Chinese mining ban will bring with it less network disruption and new back end benefactors in the form of countries with excess energy that isn't being bid up by AI data centers.

It's crazy how much can change in a little over four years.

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