© Reuters Bitcoin hash rate hits new high as impact on China’s mining ban wears off
seems to have finally overcome the effects of China’s mining ban, which saw the hash rate drop as much as 50% earlier this year.
According to data from Blockchain.com, the network hash rate has now rebounded to levels seen in May before China decided to dismantle its crypto mining industry.
Five months into the largest migration in Bitcoin history, miners have seen a massive rebound. The hash rate recovery and network difficulties are now approaching an influential milestone.
The hash rate has doubled from its lowest point a few months ago. Similarly, the mining difficulty will rise 5.7% next week, reaching 4 trillion from its record high of 25 trillion. In addition, Bitcoin will reach a difficulty level in the eighth straight for the first time since 2018.
Charles Edwards, founder of investment firm Capriole, commented that “the hash rate was only six other days in history higher than it is today”. […] We are tapping new all-time highs in network security. That’s kind of unbelievable. “
Bitcoin is up 50% since May, and it is believed that China is starting to regret its decision.
Other data analysis questioned the sustainability of the current Bitcoin price action. declined to $ 58,000 this week, while miners cost numbers suggest a potential local high based on historical patterns. However, the miners have shown no rush to sell the coins that have accumulated over the past few months.
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