China’s crackdown on Proof-of-Work mining last year tested the security of the Bitcoin network and showed that it was far more resilient than once thought.
Analysts expected that it would take more than a year for Bitcoin’s hash rate to recover, but the network managed to rebound in less than a month.
The mining ban in China has made Bitcoin more resilient than ever
The Bitcoin network took its hardest hit in May last year when several provinces in China began implementing policies designed to shut down Proof-of-Stake mining. Citing environmental concerns and energy-producing thresholds, the policies managed to push out almost all Bitcoin mining operations and most crypto companies from the country.
With over 75% of Bitcoin mining located in China, the bans caused panic in the industry as many believed the network would suffer a devastating blow were they to be implemented.
The network took a serious blow—losing over 40% of its hash rate between May and July of 2021—but it mana
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