In this week's episode of SkyBridge Bitcoin Review, SkyBridge managing partner Anthony Scaramucci, president Brett Messing, and guest William Clemente discuss the recent correction in Bitcoin’s hash power due to China's crypto crackdown.

Bitcoin's hash rate refers to the magnitude of computer processing power contributed to the network through mining. Historically, Bitcoin's price and hash power have correlated, without strong evidence of which is the leading indicator. As price grows, mining rewards become greater, but as hash power grows, the difficulty of obtaining mining rewards also grows. After Bitcoin's recent price drawdown, we are now seeing an even more dramatic correction in hash power, stemming largely from China's crypto crackdown.

The Bitcoin network is currently going through an important transition. Only last month, an estimated 70% of global hash power emanated from Chinese miners. However, following China's recent aggressive crackdown on all things crypto, more than 90% of Chinese Bitcoin mining has already gone offline. Mining equipment is quickly being shipped to foreign locales, ranging from North America to Kazakhstan, but the short-term effect on hash power has been dramatic.

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Watch this video on YouTube: https://youtu.be/Fn9W7rMI16k

Moderated by Anthony Scaramucci, John Darsie and Brett Messing.