January 11, 2022
The Asian cryptocurrency news is particularly important for investors around the world. With a large population and widespread early adoption of cryptocurrency, the regulations and changes made through Asia, and particularly in China, were originally assumed to have the potential to drop the prices of all types of cryptocurrencies, including Bitcoin.
In reporting Blockchain.com, the ban on crypto mining that was implemented by the Chinese government earlier this year has not had a significant negative long-term impact on Bitcoin. While the initial ban on mining did create additional market volatility when the crackdown first occurred, the situation has largely recovered.
The hashrate, or the computer power that is generated by all the active miners in the Bitcoin network, has increased. In fact, in the same report, the original losses have been met and exceeded, so the recovery is at about 113% of the immediate post-crackdown loss of mining throughout China.
What Does This Asian Cryptocurrency News Mean?
One of the biggest takeaways from this Asian cryptocurrency news is the durability of Bitcoin and the bitcoin mining model. Not only did the price of Bitcoin recover, but it soared, and so did the ability to maintain the level of mining. In less than five months, the cryptocurrency managed to fully recover and exceed previous market expectations, taking all the guesswork out of what would happen to cryptocurrencies if a ban was put in place by a large nation with a significant impact on the mining process.