North American Miners Emerging As Winners

The below is an excerpt from a recent edition of the Deep Dive, Bitcoin Magazine‘s premium markets newsletter. To be among the first to receive these insights and other on-chain bitcoin market analysis straight to your inbox, subscribe now.

Much has been said about the mass migration of bitcoin miners from China over the last six weeks, but what has gained less attention is the positive externalities that the China ban has created for North American mining operations.

With the drop in hash rate, both the mining difficulty and hash rate (seven day moving average) are lower than they were at the time of the bitcoin halving, when the price of bitcoin was $8,800. 

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