Bitcoin amazing resilience

Bitcoin might be among the most resilient systems there are.

Last week Chinese Anhui province was the last one to force its mining farms to close, bringing to an end this epic crackdown. Only last year big Chinese miners accounted for 65% of Bitcoin network’s hashrate (or computational power), and now they’re all out.

The hashrate and the big amount of electricity that produces it guarantee network’s security, as adding blocks becomes ever more expensive. When hashrate falls, it becomes easier to attack the system. And guess what, even after June’s sharp decline in hashrate Bitcoin system still runs impeccably, and the hashrate started to go up as Chinese miners relocate and others, notably in North America, continue their expansions.

The hashrate is now at the level of June’2020, and Bitcoin is as secure as it was back then. Isn’t this simply amazing?