Colin Wu reported that it is hard for Bitcoin to restore to its all time high compared to May which was 171E until China’s government will not reverse takedown of Cryptocurrency mining ban law.
Cloin Wu is a news agency which always collects reports and analysis about Cryptocurrency and blockchain related matters in China & Asian region.
According to Colin Wu insider, it will take a very long time to regain the hash power of bitcoin mining to reach near 171EH/s which was an all time high in May 2021.
On 13 May , 171EH/s was a very high hash rate power and it get dumped by 50% after a crypto mining ban crackdown by China.
It was noticeable that the Chinese government attacked Big mining firms of China (Sichuan, Xinjiang) in the initial phase, which was really the biggest measurable situation for Bitcoin to have hashrate power.
Since now miners of China are moving in those regions and areas where conditions for Cryptocurrency mining are favourable like North America, El Salvador, Canada, Kazakhstan.
Cloin Wu shared this information through tweeter with attachment of a image of whole Analytics report of hash power.
According to Colin this hash power will not restore at the same level until Chinese government will take down their crypto mining ban law.
Low Hashrate Lead Into Low Price
Due to low Hashrate in the Bitcoin mining power contribution by miners, the price of bitcoin is down ( which is usual).
The price of bitcoin dropped below $29,000 after the crypto mining ban crackdown by China, but suddenly it regained its price and now it is fluctuating from $30,000 to $32,000.