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Crypto CEO: It will take a year for Bitcoin to recover from China’s crackdown

Dave Perrill, CEO of Compute North, told Block Bitcoin’s hash rate – a measure of computing power dedicated to mining cryptocurrencies – may not recover from China’s closure of crypto mining operations until sometime in 2022.

“Before the second/third quarter of next year, we may not see the hash rate return to the highest level in history,” Perrier told The Block. “This is my hunch.” But, of course, he also hopes that Compute North can help with the recovery: The company hosts mining equipment for its customers, and expects a total capacity of 1.2 GW next year.

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