At the height of China’s crackdown on bitcoin miners and business activities within its jurisdiction last year, the bitcoin mining hashrate fell to an all-time low of 58.4 million terashashes per second, with many miners decommissioned due to the strict anti-mining policy. -crypto. .
Bitcoin hashrate hits record high
However, new data from Blockchain.com shows that bitcoin hashrate has fully recovered from last year’s lows and also has reached a new high just two days into the new year. According to the data, bitcoin hashrate is now at an all-time high of 208 million terashashes per second.
Bitcoin hashrate is the amount of computing power expended to beat new coins, providing security and verifying the network transactions of the main digital asset.
Higher hashrate usually means that more miners in space are trying to help secure the network; therefore, some analysts tend to see this as a bullish signal for the industry.
Bitfury claims that relocation of miners is not responsible for the growth.
Speaking on how the industry had been able to destroy the negative aspects of the previous year, Bitfury, a leading cryptocurrency mining company, said in a statement to the Financial Times, ” the improvement is attributable to next generation equipment coming online, not the relocation of equipment from China. »
What this means is that while relocating many miners to new places like the United States or even Russia played a role in keeping the industry afloat during the Chinese crackdown, space recovery could be involved primarily with a BTC effort. miners expand their horizons.
The chief technology officer at Hut 8 Mining Corp, Jason Zaluski, corroborates this view by stating that China ‘s ban was solely caused by “geographical change”.
Marathon Digital, a US-based mining company, has revealed that its mining activities could reach new highs by the middle of this year, when all of its bitcoin miners will be deployed in Texas.