Bitcoin’s hash rate is changing from Chinese government’s repression In terms of mining operations, according to data From Blockchain.com, as of August 23, its computing power is about 127.26 million terahash per second (TH/s).
China used to be responsible for most of Bitcoin’s computing power. July, Cambridge Centre for Alternative Finance Said China accounts for 46% of Bitcoin’s computing power. The United States accounts for 16.8%; no other country can make a double-digit contribution to computing power.
This means that when Chinese mining operations were forced to shut down, Bitcoin’s hash rate plummeted. Data from Blockchain.com shows that the computing power reached a peak of 180.66 million TH/s on May 13, but by July 2, it had fallen to only 84.79 million TH/s. Before Chinese mining operators leave the country, the network is not expected to recover.
This led Dave Perrill, CEO of Compute North, to say that Bitcoin’s hash rate will not peak again until Second or third quarter of 2022However, data from Blockchain.com shows that the recovery is much faster than expected, and CoinDesk Report Glassnode metrics also show that the hash rate has rebounded by 25% in recent weeks.
Why does the computing power recover so quickly? Unfortunately, neither of these two analytics providers can explain it.Chinese mining operators may Move to another country Faster than many expected; other miners are also possible Fill in the gaps in a hurry These companies left after China’s crackdown.
Either way, Bitcoin seems to be easier than expected to recover from losses in China’s mining operations.Of course, it may not hurt The value of cryptocurrencies has rebounded, Which also makes people who want to become miners more motivated to invest The equipment they need Earn some bitcoins for yourself.