Large-scale bans on bitcoin mining in China have caused the mining hashrate to drop to a three-month low.
The total hash rate (TH / s) has reached a new three month minimumas China continues to restrict domestic bitcoin mining operations.
The estimated number of tera hashes per second that the Bitcoin network has been performing in the last twenty-four hours is 127,65 million. Down from a peak of 180,66 million on May 14.
China's tough measures are to blame
The recent cap on domestic bitcoin mining appears to have been a key factor behind the hash rate decline. China recently took steps to prevent bitcoin mining in the country by banning large mining farms. The move also resulted in China banning financial institutions from using crypto services.
After a massive crackdown on miners over the weekend, Antpool dropped to third place behind F2Pool and ViaBTC. While his hash rate dropped by over 37%. Mining pools that have significantly lowered hash rates since widespread ban include AntPool, Foundry USA, SlushPool, and OKKONG. It is reported that Huobi Pool managed to achieve double-digit growth in computing power, an increase of 10,74%.
China bets on CBDC
While the ban has hit local miners in the country extremely hard, China continues to move forward with its central bank digital currency (CBDC). China aims to create the world's most advanced blockchain technology by 2025, following its recent blockchain design guidelines.
China is currently rolling out its CBDC offering through digital RMB lotteries across the country. Beijing residents can apply through a couple of banking apps to win one of the 200 red packages. 000 yuan each.
China has also added digital yuan support to over 3000 ATMs in Beijing. Two banks in China already offer cash exchange services for digital yuan.