Crypto CEO: Bitcoin Needs Year to Recover From Chinese Crackdown

Compute North CEO Dave Perrill told The Block that Bitcoin’s hash rate—a measure of the computing power devoted to mining the cryptocurrency—might not recover from China’s move to shut down crypto mining operations until some time in 2022.

“We may not see the hash rate go back to the all-time-high level until Q2/Q3 next year,” Perrill told The Block. “That’s my hunch.” But, of course, he also expects Compute North to help with that recovery: The company, which hosts mining equipment for its customers, expects to have a total capacity of 1.2 gigawatts within the next year.