Bitcoin Survives China Ban with Antifragile Network

China's ban on Bitcoin mining in 2021 had a significant impact on the network's hashrate, which dropped by around 68% following the ban.

The ban was implemented on July 3, and in response to the sudden loss of hashpower, the network automatically adjusted its mining difficulty by 27.94%.

Despite the initial setback, miners were able to relocate and adapt to the new environment, leading to a full recovery of the hashrate within six months.

In fact, the hashrate not only recovered but also reached a new all-time high within eight months.