Bitcoin’s Hash Rate Rises After China’s Miner Exodus

Despite price over the past several weeks, Bitcoin is performing just as it was designed to – like a fine, well-oiled machine running along smoothly – maybe one could also say it will be like a tank rolling over any and all opposition in its path once things really get started

Bitcoin’s Hash Rate Rises After China’s Miner Exodus

“Bitcoin’s global network appears to be recovering from the recent slump caused by China’s crackdown on the crypto mining industry.

According YCharts, the Bitcoin hash rate reached 115.71 EH/s on July 27, and even though it dropped to 106.7 EH/s the next day, it nonetheless marks an 82.5% increase since the steep decline to 58.46 EH/s seen a month earlier.

Bitcoin’s hash rate—the measuring unit of the network’s processing power—hit an all-time high above 198 EH/s in mid-April.

However, over the next two months it declined sharply, after the authorities in several Chinese provinces issued shutdown orders against Bitcoin mining operators, forcing them to relocate to countries including the USA and Kazakhstan.”



Master Asked on July 29, 2021 in Bitcoin.
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