Bitcoin Shows Sign of Recovery from China syndrome as Its Hash rate Increases
Data shows that the Bitcoin hashrate has improved since the start of the month of June. Bitcoin’s hasrate triples over the past two years which shows that the world’s most expensive cryptocurrency is showing resistance against the aftermaths of crackdown initiated by Chinese regulatory authorities.
Experts said that the Bitcoin network has made an extraordinary recovery since it crashed just a couple of months ago following the worldwide crackdown. After facing clampdown earlier this year, Bitcoin is now very much in the reach to touch the $50,000 mark.
As of this writing, the data obtained from CryptoQuant, a Data Analytics Company shows that the Bitcoin hashrate has now reached over 150 Exahashes or one quintillion hashes, per second.
According to the graph published by CryptoQuant on August 24th, the current Bitcoin hashrate was 152 EH/s, which has tripled as compared to that of June 28 at 52 EH/s.
Bitcoin over time has gradually recovered from the crackdown started by Chinese authorities, which was later followed by the regulatory authorities in the U.S, the U.K, and some of the other European countries.
Over the past two months, BTC has shown sustained stability it has also shown resistance against the market indicators. As a result of this sustained performance, bitcoin today is about to touch the $50,000 mark. This has been the first time in the crypto market that cryptocurrencies are showing sustainability against the market’s bullish trends.
The average Bitcoin hashrate computing power over the past three months has been calculated as 197.6 EH/s. Over the six weeks or in order that followed, it slumped via way of means of extra than 65% as mining rigs throughout China have been powered down for the “remarkable miner migration”. The metric is now drawing close to early June degrees and, if the fashion continues, should hit a brand new all-time excessive inside a subsequent couple of months.
As of this writing, all the bitcoin mining process has been moved away from China. Countries like Russia, U.S, and Germany have started taking initiatives to encourage the bitcoin miners to start hashing bitcoin in these countries. The minor level migrations have been completed. However, some of the bigger companies are still mining bitcoin in China.
But in the coming few months time those companies would also move out, it seems that hashing industry is moving away from China. The U.S would emerge as the hottest place for bitcoin mining operations. One of the biggest U.S. mining firms Riot Blockchain announced record revenues for BTC mining in the second quarter of the financial year 2021. It really was a sign of encouragement for the U.S.