Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is sponsored by nexo.io and circle and produced and distributed by CoinDes.

What's going on, guys? It is Sunday, June 27th, and that means it's time for Long Reads Sunday.

If you've been in this space for a while, you can be forgiven for having a bit of a

groundhog day feeling any time China bans Bitcoin, quote unquote.

More often than not, it's some repeat of some

old policy that has a ton of intricacies in practice and doesn't really represent anything new.

That's why it was so surprising to many when a month ago or so, when the vice premier announced

a Bitcoin mining ban, it was taken as something extremely serious. Miners started liquidating

their holdings to get to Fiat

to make big moves and the rest of the world paid attention. Today, I'm reading a piece by the one

and only Nick Carter written for CoinDesk about just how real the shift is. It's called Go West Bitcoin

unpacking the great hash rate migration. All signals indicate the greatest shakeup in the

geographic makeup of Bitcoin mining since the start of the industrial mining era.

By now, it should be clear that the hash rate migration is real. Miners are leaving China

for good. As of April 2020, an estimated 65% of Bitcoin hash rate was domiciled in China.

With confirmed bands across the country, that figure will be far lower 12 months from now. The precise magnitude and schedule for the

westward move is currently unknown, but all signals seem to be indicating the greatest shake-up

and the geographic makeup of Bitcoin mining since the start of the industrial mining era.

Hypotheses for the motivations behind China's move to

eliminate mining abound, although no single explanation appears sufficient as of yet. One obvious

...