Compute North CEO Dave Perrill told The Block that Bitcoin's hash rate—a measure of the computing power devoted to mining the cryptocurrency—might not recover from China's move to shut down crypto mining operations until some time in 2022. "We may not see the hash rate go back to the all-time-high level until Q2/Q3 next year," Perrill told The Block. "That's my hunch." Of course, Compute North, as a major mining service provider, will be working hard to help the recovery process.
Trading volumes at major cryptocurrency exchanges fell by more than 40% in June, research showed on Monday, with a regulatory crackdown in China and lowered volatility among the factors depressing activity. Bitcoin, the largest cryptocurrency, fell more than 6% last month, touching its lowest since January, as authorities in China tightened restrictions launched a month earlier on bitcoin trading and mining.
We love to hear new ideas from traders and want to know what you think!
If you like this topic and want to suggest future topics that you find helpful, let us know by clicking the ‘submit your feedback’ button below.
Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. Before deciding to trade foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite.
Nothing contained in this website should be construed as investment advice. Any reference to an investment's past or potential performance is not, and should not be construed as, a recommendation or as a guarantee of any specific outcome or profit.
