The resettlement of miners from China besides the fact that new mining equipment is coming online. It has helped the Bitcoin hash rate to recover from China’s crackdown.
China’s crackdown on Bitcoin miners and trading activities, the Bitcoin mining hash rate is declining to all-time low of 58.4 million Tera hashes per second. This happened as many miners were moving out of the business due to the rigorous anti-crypto policy.
However, fresh Glassnode data has revealed that the Bitcoin hash rate has now fully recovered from last year’s lows. It has also kept going to set a new all-time high in just two days of the new year.
Furthermore, the Bitcoin hash rate now sits at an all-time high of 208 million Tera hashes per second. Besides, the Bitcoin hash rate is the amount of computational power associated with the minting of new coins. It also mints the security and verification of transactions on the network of the front runner digital asset.
Bitcoin High Hash Rate
A high hash rate generally indicates that there are more miners in the space. They are looking to help secure the network. Consequently, some analysts tend to consider this a bullish sign for the industry!
In addition, Bitfury, a leading crypto mining firm, stated that miners’ relocation in China is not the main factor contributing to the growth. Further, they also added in their statement how the industry has been able to shed the negatives of the previous years.
“The recovery is attributable to new-generation equipment coming online, not the relocation of equipment from China.”
This clearly means that while the relocation of many of the miners to new locations like the United States or even Russia played a role in keeping the industry afloat during the Chinese breakdown. However, the recovery of the space will be majorly attached to BTC miners’ attempts at widening their horizons.
