The "Epic Cleanup" of 2021 has already undergone a stress test: at that time, China's computing power share plummeted from over 65% to nearly zero. Bitcoin's price was halved, but the network did not collapse and subsequently entered a new bull market. Today’s bans are more about "normalizing risk mitigation" rather than destructive blows.

1. Why can the market withstand it?

Decentralization of hash power: Global mining centers have long since shifted away. The United States (~38%), Russia (~15%) have become the main players, with China currently holding only about 14% (ranking third). Even if China enforces another "zeroing," the impact on the entire network's hash power will be far less than in 2021.

Mining equipment has high liquidity: Mining machines are assets that "reside on electricity." The bans will only cause physical relocation of mining hardware to the Middle East, Central Asia, or North America, and hash power will recover within weeks, not disappear permanently.

Shift in pricing power: Currently, Bitcoin prices are more influenced by US ETF fund flows, Federal Reserve policies, and institutional holdings. The marginal influence of Chinese retail investors and miners on global pricing has greatly diminished.

2. What actual impacts will occur?

Short-term pain (price and selling pressure): Closure of mining farms will lead miners to sell their inventory of coins to cover migration costs (electricity, freight). During bear markets, this will intensify downward pressure, but usually manifests as a "deep dip" rather than a "zeroing out."

Long-term cost elevation: China’s cheap hydropower was once a global mining cost advantage. Moving hash power to regions with higher electricity prices will systematically raise Bitcoin’s "production cost" (currently around $30,000–$40k), which will serve as a long-term support level for the price.

More decentralized network: Hash power distributed more evenly across the globe reduces the risk of centralized policy impacts threatening network security.

3. The only "collapse" risk

A true collapse exists only for highly leveraged speculators. If you use 10x or 20x leverage to go long, a 20%-30% short-term fluctuation caused by bans could wipe you out. But for Bitcoin’s network itself and spot holders, this is just another cyclical regulatory shuffle.

Conclusion: View bans as a "hash power migration" rather than "market end." They will make mining more expensive and more globalized but cannot kill a global network with a market capitalization of trillions of dollars. #Gate广场四月发帖挑战