Dikaios1517 on Nostr: When China banned mining last time, over 50% of the global hash rate was located in ...

When China banned mining last time, over 50% of the global hash rate was located in China, and most of it turned off and moved elsewhere. That massive drop in hash rate resulted in a "fire sale" for Bitcoin, which dropped to $30k. There were also other contributing factors, such as Elon announcing that Tesla would no longer accept Bitcoin that occurred at the same time.

I haven't heard about any new ban on mining from China, but even if they did, it would not have nearly the same effect on hash rate, since most of the miners are no longer located in China. If there's been a ban, it hasn't seemed to affect current hash rate at all, so I also wouldn't expect it to cause much of a dip in price.