The hash rate of the Bitcoin network has recovered significantly since it collapsed after cracking down on cryptocurrency mining in China earlier this year.
According to statistics, the Bitcoin hash rate now exceeds 150 Exahashes per second, or one quintillion hash value. Data From the analysis provider CryptoQuant.
On August 24, the indicator provider reported a hash rate of 152 EH/s, which has tripled since it bottomed out at 52 EH/s on June 28 this year.
The restoration of BTC computing power means that the network is safer and more difficult to be attacked.
On May 13, Bitcoin’s average computing power-the computing power in the network-hit a record high of 197.6 EH/s. Bitmap. In the next six weeks or so, it fell by more than 65% due to power outages of mining machines across China due to the “Migration of Miners”.
The indicator is now close to the level of early June, and if this trend continues, it may reach a record high in the next few months.
Bitcoin hash rate recovered about 67% of its early outflow
Did not die back then, not dead now, regulatory arbitrage pic.twitter.com/Abe7VYbitW
— //Bitcoin Confirmation (@BTC_JackSparrow) August 24, 2021
In early May, Cointelegraph reported that there was already evidence that Computing power is moving away from China. Immigration details are hard to find: Cambridge University’s resourceful “Mining map“It has not been updated since it was reported in April that 65% of the computing power is located in China.
The calculation of computing power data through mining pools is also inaccurate, because many mining pools are a mixture of physical facilities that pool computing resources from all over the world and the computing power of miners.
Since the computing power has now been restored, this will indicate that the migration of miners is almost complete.Which resulted in Increased difficulty, The last rise of about 7% occurred on August 13th. The next rise may come at any time, which will mean that the calculation cost of miners is higher, because more businesses previously located in China are back online to compete for blocks.Currently estimate It is to increase the difficulty of 12.37%.
Although the migration operation went offline in June and July, due to the lower difficulty, miners already operating in the United States and other countries/regions can earn greater profits.
This week, Cointelegraph reported that U.S. mining companies Riot Blockchain announces record revenue For BTC mining in the second quarter.