China's comprehensive crackdown on Bitcoin mining and trading
Fear & Greed
Extreme Fear
Bitcoin Price
$29,000
30-Day Change
+18%
What Happened
China's comprehensive ban on Bitcoin mining in June 2021 forced the largest migration of hash rate in Bitcoin's history. Over 50% of global hash rate went offline as miners scrambled to relocate to the US, Kazakhstan, Russia, and other countries. Bitcoin fell from $40,000 to below $30,000, and the narrative around mining centralization in China was permanently resolved. The event ultimately strengthened Bitcoin's decentralization by distributing hash rate globally and catalyzed the growth of the North American mining industry.
Key Narratives