China's State Council declares a nationwide crackdown on Bitcoin mining, leading to the shutdown of mining operations across the country. At the time, China hosted approximately 65% of global Bitcoin hashrate. The ban triggered the largest hashrate migration in Bitcoin history, as miners scrambled to relocate equipment to the United States, Kazakhstan, Russia, and other countries. Bitcoin's hashrate plummeted by over 50% but fully recovered within six months -- a stunning demonstration of the network's resilience and decentralization. The exodus ultimately made Bitcoin mining more geographically distributed than ever.
BBC: China Declares All Crypto Transactions Illegal