Bitcoin Is Absurd, Part II: Struggles For Satoshi

Bitcoin Is Absurd, Part II: Struggles For Satoshi

The recent Chinese crackdown on bitcoin mining is confusing, but not incongruent with their ideology.Right now Bitcoin is experiencing a gigantic drop in hashrate due to the Chinese Communist Party (CCP) shutting down mining in the country. Already being dubbed “The Great Hashrate Migration,” a huge amount of mining equipment is being unplugged and shipped to friendlier jurisdictions around the world. Some Chinese miners have taken to booze as expectations are that nearly all mining operations will be shut down. The largest difficulty adjustment in Bitcoin’s history is likely to occur as a....


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