“Mining Bitcoin, the world’s largest cryptocurrency, has recovered to reach the record levels of activity hit before China cracked down on the crypto industry earlier this yr“–Paul Ebeling
The measure of computing power dedicated to mining and processing Bitcoins, is now back up to 175-M terahashes per sec a steady climb from July, when it bottomed out at 85-M terahashes per sec after China banned the practice of mining the coin because of unsafe coal mining.
Prior to the crackdown in May, the global hashrate hit a record of around 180-M terahashes a sec, with China bringing the largest source of hash power, mining around 67% of the world’s Bitcoin with about 86 terawatt-hours (TWh) of electricity. The recovered hashrate displays the miners’ “remarkable resilience.”
During the crackdown, 26 major Bitcoin mining hubs were forced to shutter in Sichuan, and during one week in June more than 70% of the total mining capacity in China went offline.
Following the China ban, the US, Kazakhstan, and Russia took it’s place.
The U.S.’s global hashrate share reached around 35.4%, up from 16.8% before the China crackdown.
Bitcoin mining can be an environmental positive by balancing the grid meaning moving to places where miners can use excess energy at times when it is not needed.
Have a prosperous day, Keep the Faith!