BITCOIN NEWS
Bitcoin, Sanctions, and the Shadow War for Hash Rate.
Last month, something weird happened to Bitcoin; it’s weird, it’s weird. The world’s most powerful computing network suddenly got a whole lot weaker. And no, this isn’t about Bitcoin temporarily falling below 100K; we don’t talk about that over here, it’s not about that.
Instead, Bitcoin’s hash rate fell off a cliff, suggesting that someone pulled the plug on a huge number of miners, basically all at once. Now, who would do such a thing? Some people were quick to point their fingers at a country whose name begins with I, but there’s more to this story than meets the I.
Background
Over about 10 days in June, Bitcoin’s hash rate, the measure of the computing power securing the blockchain, fell by more than 15%. It was the biggest and fastest drop in around 3 years. Whenever something like this happens, there’s no sugar coating it; it’s bad news for Bitcoin, it’s bad news. The last time we saw a drop this steep was in the aftermath of China’s minor crackdown, a seismic event in crypto’s history.