This was written pre-adjustment but the real adjustment was -28%! It's remarkable watching a decentralized system continually reach consensus and respond to incentives.
Another factor at play with the mass migration of miners from the East is that many of these firms and operations kept nearly all of their reserves and liquid cash balances in bitcoin, and as a result, these entities have had to sell to cover the high cost of moving operations.
I tend to cringe a little when people have causal price theories. But I suppose chain analysis can make these claim more reasonable?
-28%! It's remarkable watching a decentralized system continually reach consensus and respond to incentives.