Dec 14, 2021
Bitcoin (BTC) Hash Rate Is Fully Recovered
The amount of computing power in the first cryptocurrency network has reached the level at which it was before the introduction of the ban on mining in China.
A couple of days ago, on December 10, the hash rate of the Bitcoin network reached 180 Eh/s, according to Blockchain.com. The last time the indicator was at this level was in mid-May, before a complete ban on cryptocurrency mining was introduced in China. After that, in July, the hash rate reached its lowest since 2019 at 84 Eh/s (down 53% from the high).
Chinese provinces began to introduce the first bans on mining at the end of May. In July, the State Energy Corporation of China formally requested all its customers not to use electricity to mine any cryptocurrency in all country regions. The migration of miners from China triggered the most significant drop in hash rate in the history of Bitcoin.
After the relocation of miners from China in August, the USA (35.4%), Kazakhstan (18%), and Russia (11%) became the leaders in bitcoin mining in the world. Before the restrictions were introduced, China ranked first in terms of the mining volume of the first cryptocurrency (46%). Just in four months, this indicator dropped down to zero.
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