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.
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