Bitcoin is a perpetual motion machine. The Bitcoin hashrate is slowly climbing to pre-China-ban levels, and the service continued uninterrupted without a hiccup. Such is the power of well-placed incentives. Pantera Capital’s CEO Dan Morehead adds one more factor to the equation. “The bitcoin network has recovered 68% of the drop in hashrate that our difficulty model attributed to China’s ban—likely in places with cleaner energy.”
The recovery is happening exactly as forecast.
The #bitcoin network has recovered 68% of the drop in hashrate that our difficulty model attributed to China's ban—likely in places with cleaner energy.
The transition to renewables is underway.
Sep Letter: https://t.co/xLyaLpPQQN pic.twitter.com/UsK9ML3BU8
— Dan Morehead (@dan_pantera) September 9, 2021
In the company’s newsletter, Pantera fleshes out the argument:
“Although difficult to know with certainty, it seems very likely that much of the reboot in mining power is occurring in places with cleaner energy than those utilized by Chinese miners.
The transition to renewables