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Bitcoin hash rate triples and approaches pre-Chinese mining veto levels

Bitcoin’s hash rate was severely affected by China’s bans on digital mining. However, the network of the first cryptocurrency has been recovering to the point of tripling its hash rate recently.

The hash rate of the Bitcoin network, after having shown an average of 170 exahashes per second (EH / s) during the first half of May 2021, it fell to 65 EH / s at the end of June.

Although its recovery has not been as abrupt as the decline That ruined it, the hash rate of Bitcoin managed to exceed 200 EH / s on October 2, according to data from the website statoshi.info. Although the network did not remain above these values, it is a figure that is three times higher than the June minimum and which, furthermore, has not been seen since May 9 of this year.

The hash The Bitcoin network rate jumped to 200EH / s in early October. Source: statoshi.info.

Today, Bitcoin’s hash rate hovers around 159 EH / s, an average similar to that of the second half of the month of May. This sounds hopeful for Bitcoin mining as it is slowly approaching the mining power it lost for a few months.

Best of all, currently, Bitcoin’s hash rate is the product of a less centralized mining than when it was concentrated in China . As we recently reported in CriptoNoticias, the Asian giant was surpassed by the United States in terms of processing power contributed to the Bitcoin network.

According to the Cambridge Center for the Financial Alternative, the United States already accounted for 35.4% of the Bitcoin hash rate for the end of July. China, for its part, lowered its official figures to zero. However, there are likely still small farms and independent miners operating clandestinely in this country.

The veto in China hit Bitcoin mining, but the hash rate recovers little by little

The restrictive measures announced by the Chinese Government forced many companies dedicated to Bitcoin mining to stop their activities indefinitely or, at least, while they emigrated to other countries where they could continue to operate. The process took time, but already several months later, encouraging results are seen for the resurgence of mining in other latitudes.

The reactivation of many mining farms outside the Chinese territory has allowed the hash rate of Bitcoin is recovering little by little. At CriptoNoticias we have followed up on this process that Bitcoin mining is going through worldwide. In July we reported the first signs of recovery, when the rise in the hash rate was just over 9% . At the end of August, these figures already rose to 25%.

Currently, if we evaluate the growth of the hash rate from the low of 65 EH / s, Bitcoin would have increased its mining power by 150%. It is important to note that each cryptocurrency statistics website uses different sources and processes the information they collect in a particular way. Therefore, the figures and percentages may differ slightly between these. Although, the result of the analysis of each of these sites usually points in the same direction. In this case, the growth and strengthening of Bitcoin; well “what does not kill us, makes us stronger” .

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Sandra Loyd
Sandra is the Reporter working for World Weekly News. She loves to learn about the latest news from all around the world and share it with our readers.

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