Hello Chaos, My Old Friend

Chart of the Day

Journey to the West. Hashrate, a litmus test for network health, has been on a week-long decline, as much as 33% in the past three days, and is facing the prospect of further plummets as regulatory bodies in China vowed to crack down on Bitcoin mining and trading activities. The paternalistic move in the name of fending off financial risks will likely send miners “westward” and redirect hashrate to non-Chinese pools. A “decarbonized “restructuring following the initial shock may prove to be beneficial in the long haul, as the network has previously survived and adjusted to large plunges in hashrate.