November 26, 2022

Bitcoin Hash Rate Triples 6 Months After the China Exodus

2 min read

It has taken the bitcoin hash rate less than six months to recuperate from its China-induced crash. The metric, displaying the robustness of the world’s biggest blockchain, has increased by roughly three-fold because late June and is close to the ATH tapped in May.

BTC’s Hash Rate Nears ATH Six Months Later

The hash rate reached an all-time high in May this year at almost 200 Ehash/s, according to information from BitInfoCharts, when the scenario altered vigorously. China, the world’s most dominant nation in terms of BTC mining accountable for over 60% of the overall hash rate at the time, reiterated its restriction on everything crypto and went after miners.

As they close down their devices and started searching for brand-new homes, the metric toppled. It went down by roughly 65% in weeks. The conclusion can be found in late June when the hash rate dropped to 68 Ehash/s.

This caused substantial damages to the network as the block rewards were delayed till the blockchain went through the much-needed unfavorable readjustments. In reality, it underwent the longest streak of negative mining modifications at that point.

Nevertheless, as miners began to settle in other regions and the difficulty modification played its role, the hash rate started its healing. Therefore, it doubled by the end of August and has now nearly tripled at it stands at 184.24 Ehash/s. More specifically, the metric has increased by 170% because the late June low.

Moreover, the mining problem also went through 9 consecutive positive modifications, showing that increasingly more miners are getting onboard.

Bitcoin Hash Rate. Source: Bitinfocharts
Bitcoin Hash Rate. Source: Bitinfocharts The United States Takes Over As China ousted miners away, the network needed a rescuer.

With many popular Americans, including politicians, advising the nation to embrace them, numerous miners have actually seemingly relocated to the States. Information from Cambridge reveals that the world’s most powerful economy has become the clear leader in terms of BTC hash rate share. As of now, the nation is responsible for nearly 43% of the overall bitcoin hash rate, leaving Kazakhstan (21.9%) and the Russian Federation (13.6%) far behind.

Countries' Shares Bitcoin Hash Rate. Source: Cambridge
Countries’ Shares Bitcoin Hash Rate. Source: Cambridge