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Recovery from China Crackdown: Bitcoin’s Hashrate Triples

Bleta. M

The hashrate increase is attributed to miners coming back online after the rattling of the China Crackdown since June.

Since the China crackdown crash earlier in 2021, Bitcoin (BTC) hashrate has made a phenomenal comeback, indicating that miners are settling down to mining-friendly countries and returning online.

Per CryptoQuant, the Bitcoin (BTC) hashrate is currently at one quintillion hashes or 150 Exahashes/second. This is an indication that the network security is solid and much more resistant to hacker attacks.

While Bitcoin (BTC) hashrate on average skyrocketed by 197.6 Exahashes/second, in the following weeks it took a 65% dive due to miners relocating to other countries in the aftermath of the China crackdown.

With this rate, an all-time-high surge of hashrate might be in store in the couple of months to come.

With the miner relocation nearing completion, the surge in hashrate also brings about a surge in mining difficulty, which has risen roughly 7% in mid-August. After a major relocation, another surge is not far off in the future. With an anticipated increase of mining difficulty of 12.37%, computational costs for miners will proportionally surge as well.

For miners that were not in China to begin with, mining with lower difficulty has proven to be quite lucrative. 

Also read: Cryptocurrency Service to be Launched by PayPal in the UK

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