Hashrate has now recovered to early June levels indicating that miners are coming again online after China’s crackdown.
The hashrate for the Bitcoin network has made an outstanding recovery since it crashed following China’s crypto mining clampdown earlier this 12 months.
On Aug. 24, the metrics provider reported a hashrate of 152 EH/s which has tripled since it bottomed out this year on June 28 at 52 EH/s.
The recovery of the BTC hashrate means that the network is way more secure and harder to attack.
The common Bitcoin hashrate — the quantity of computing energy in the network — hit an all-time excessive of 197.6 EH/s on Could 13 in keeping with Bitinfocharts. Over the six weeks or so that followed, it slumped by more than 65% as mining rigs across China were powered down for the “great miner migration”.
The metric is now approaching early June levels and, if the trend continues, could hit a new all-time high throughout a subsequent couple of months.
In early May, Cmnnews reported that there was already evidence that hashrate was moving away from China. Particulars on the migration are difficult to come by: Cambridge University’s well-sourced “mining map” has not been updated since April when it reported 65% of the hashrate residing in China.
Measuring hashrate information by mining pool can also be inaccurate since many swimming pools are a mixture of hash energy from bodily services and miners from all around the globe pooling computing assets.
Because the hashrate has now recovered, it would indicate that the miner migration is almost complete. This has resulted in an increase in difficulty, with the last rise of around 7% occurring on Aug. 13. The subsequent one is due any time now, which will mean higher computational prices for miners as more of the formerly China-based operations come back online to compete for blocks. The current estimate is for a 12.37% difficulty increase.
Whereas the migrating operations had been offline in June and July, miners already operating in countries such as the US had been capable of rake in greater earnings as a result of lower difficulty.
This week, Cmnnews reported that U.S. mining agency Riot Blockchain announced record revenue for BTC mining during the second quarter.