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 showing an average of 170 exahashes per second (EH / s) during the first half of May 2021, 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 website data 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.
Today, Bitcoin’s hash rate hovers around 159 EH / s, a similar average to the second half of May. This sounds hopeful for Bitcoin mining as it slowly approaches the mining power that it lost for a few months.
Best of all, currently, Bitcoin’s hash rate is the product of 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 the 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 Bitcoin’s hash rate by 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 Bitcoin mining companies to stop their activities indefinitely or, at least, while emigrating to other countries where they could continue to operate. The process took time, but several months later there are encouraging results for the resurgence of mining in other latitudes.
The reactivation of many mining farms outside of China has allowed the Bitcoin hash rate to recover 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 Hash rate hike was just over 9%. At the end of August, these figures were already up 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; then “What does not kill us, makes us stronger”.