New Bitcoin hash rate highs remove any traces of China’s mining ban

Bitcoin (Bitcoin) Almost any trace of the mining ban that has dropped 50% of the hash rate this year has been deleted.

according to Latest estimate, The network hash rate is now back to the level of May, just before China banned its Bitcoin mining industry.

Hash rate recovery drops

In the five months since the largest migration in Bitcoin’s history began, there has been a major rebound in network fundamentals.

With the relocation and restart of miners, the recovery of hash rate and network difficulty is now approaching a groundbreaking point.

Although it cannot be measured in clear terms, the hash rate seems to be the cause of the collapse of the entire China, which has doubled from the bottom a few months ago.

Similarly, the mining difficulty is set to 5.7% increase Next week, reduce its scale from its historical high of 25 trillion to less than 4 trillion.

Not only that, but Bitcoin will increase its difficulty for the eighth time in a row-this is the first time such an incident has occurred since 2018.

Charles Edwards, the founder of the investment company Capriole, said: “In history, the hash rate was only 6 days higher than today.” wrote In the relevant comments.

“We are breaking the all-time high of cybersecurity. This is a bit unbelievable.”

Bitcoin hash rate chart.Source: Blockchain

Bitcoin has Get 50% Since May, although sources have hinted that China may Start to regret Its decision.

Warning about retesting of miner trends

At the same time, other data analysis questioned the sustainability of current Bitcoin price trends.

related: Friday’s shocking $3.2B Bitcoin option expiration may initiate a new rally

After BTC/USD fell to $58,000, data covering miners’ costs showed a potential local high based on historical patterns.

Nevertheless, miners have not rushed to sell the tokens earned in recent months, and this trend continues.

Bitcoin miners flow out of the chart. Source: CryptoQuant