There have been a lot of factors that have been affecting Bitcoin lately. Thus, it’s hashrate is rising slowly because of municipal policies.
Calin Wu, an award-winning Chinese journalist, tweeted this earlier this morning. He enthused that the policy of the Chinese government against Bitcoin mining is one of the causes of this increase in hashrate.
Backing up his assertions from the official Bitcoin website, he affirmed that if it’s the case that the policy is not later overruled, the Bitcoin hashrate may not return to 130E in almost a year.
The Bitcoin hashrate is the computational power through which Bitcoins are mined and processed.
According to Wu, the reason it’s even rising at all was because miners had started migrating to Kazakhstan and North America.
Therefore, it’s evident that so much of Bitcoin’s fate, for some moments now, rests on China and her policies. This has led many holders to show their displeasure in the often communist-centred policies of the Chinese government.
Quoting Colin Wu, he said: “The hashrate of Bitcoin began to slowly rise, and some Chinese miners’ machines began to land in Kazakhstan and North America, but it is expected that it will be difficult to return to 130E in half a year, unless China’s policy is loosened.”