Bitcoin’s price has been going through a volatile phase lately, making the crypto-asset extremely sensitive to all kinds of developments.
China recently announced a ban on the mining of cryptocurrencies in the Xinjiang zone citing “energy-saving environmental protection.” Xinjiang, along with Inner Mongolia and Sichuan, made up three important places in China contributing highly to the mining pool.
With China being a major player in terms of Bitcoin mining, the hash rate has been already impacted.
Although many Bitcoin enthusiasts believe that this is FUD meant to hurt the already tumbling value of the world’s largest crypto, mining pools like AntPool, F2Pool, and Poolin have been seeing their hash rate fall over the past couple of days.
Here, it’s worth adding that the drop in the hash rate also followed a difficulty adjustment that took place nearly a week ago.
Namrata is a full-time journalist at AMBCrypto covering the US and Indian market.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.