Bitcoin (BTC) hashrate recovers from China’s crackdown |

Bitcoin hashrate has now recovered from the recent Chinese crackdown, with a new weekly high of over 10 quintillion hashes per second. Although this is a promising sign for BTC, it remains to be seen what effect China’s move will have on prices.

The “bitcoin hashrate chart” is a graph that shows the changes in the Bitcoin (BTC) hashrate. The BTC hashrate has been recovering since China’s crackdown on cryptocurrency mining.

When China retaliated against the crypto sector earlier this year, one statistic that suffered as a result of the crackdown was the Bitcoin mining hashrate, which fell by more than half during that time due to crypto miners being forced out of the Asian nation.

The hashrate of bitcoin mining has recovered after the ban in China.

Bitcoin mining hashrate has resumed its journey to the top, with statistics showing that the measure has grown by about 80% in the previous five months, thanks to former Chinese miners finding new homes throughout the globe.

Bitcoin hashrate dropped as low as 84.79 exahashes per second (EH/s) at the height of China’s crypto prohibition, according to Coin Metrics data. After reaching a peak of 167.18 EH/s on November 17, Bitcoin’s hashrate has now almost fully recovered, and the flagship digital asset’s hashrate is presently at 156.6 EH/s.

According to a Kraken intelligence analysis, the network hashrate may reach a new all-time high sooner than anticipated owing to the computational power employed by miners. 

While many anticipated the network’s hash rate to set an all-time high by the end of December, it is currently on track to exceed forecasts thanks to a continuing spike in demand from miners.

BTC mining difficulty is improving as miners earn more.

Apart from the fall in BTC mining hashrate, the mining difficulty of crypto gold was also affected by China’s crypto crisis. 

Before the embargo, the mining difficulty of Bitcoin reached as high as 25.05 trillion in May, but it decreased to a low of 13.67 trillion in July, when the limit was fully implemented.

However, as miners relocate to new locations in Russia, North America, and Kazakhstan, the difficulty of mining BTC has climbed by 66 percent to over 22 trillion as of press time.

Surprisingly, miners are now earning about the same amount of money as they were before to the restriction. The income of Bitcoin miners has been steadily increasing over the last five months, and it is on the verge of matching its previous high.

All of these evidence shows that the industry is effectively weaning itself from its reliance on Chinese miners and the impact that the country’s regulations have on the market in the past.

Bitcoin (BTC) hashrate recovers from China’s crackdown |

Newsletter

The most relevant daily news in the worlds of crypto, DeFi, NFTs, and more are summarized here.

Gain a competitive advantage in the cryptoasset market.

As a premium Edge member, you’ll get additional crypto insights and context in every story.

Analyses of the whole chain

Snapshots of prices

a little more context

For just $19 a month, you can become a member right now. Examine all of the advantages.

Bitcoin (BTC) hashrate recovers from China’s crackdown |

Watch This Video-

The “live bitcoin hashrate” is a tool that provides the current hash rate of Bitcoin. The China’s crackdown led to a decrease in the hash rate, but it has now recovered.

Related Tags

  • bitcoin hashrate 2021
  • bitcoin hashrate by country 2021
  • bitcoin hashrate down
  • bitcoin hash rate calculator
  • bitcoin hashrate indicator