Exactly two years ago, China had banned Bitcoin mining causing one of the largest hash-rate collapses. Now they are slowly turning back in.

If we turn the clock back a whole two years we would be standing in the middle of a very euphoric bull market, where all of us would have though to be invincible. We would have though that nothing in the world can cause Bitcoin to crash and that our lambo orders are just inevitable by end of the year. And that acme of euphoria, is exactly where the market get‘s you…

On the 23th May china had announced it‘s biggest and nationwide ban on Bitcoin mining, which was disastrous as China was by far the biggest Bitcoin miner with over a 50% share worldwide of the hash-rate. More than that it also caused BTC prices to finally leave the stages of euphoria and bull market for a crash that would lead form $50k+ to $29k.

​

BTC chart during the China mining ban

But just later in the same year China miners silently turned back on and the BTC hash-rate had nearly completely recovered form its 50% producer banning it completely, in just under half a year. Even today many estimated put China as the second-largest Bitcoin miner, even with an ongoing ban.

​

Mining share by country Chart

But now it seems like China once again may be turning the tables. The inevitable China cycle, of banning Bitcoin in the bull market and un-banning it in a bear market, just continues as Hong Kong is set to launch revolutionizing new Crypto regulations in June/July.

It is safe to say that Bitcoin and Crypto have become such a power that even one of the most authoritative countries are not able to completely ban it, people always have ways to access it.