At the height of China’s dealings with Bitcoin miners and trading activities under its jurisdiction last year, the Bitcoin mining hashrate fell to its lowest level of 58.4 million terahs per second as many miners withdrew from business due to strict anti-crypto policies.
Bitcoin hashrate reaches new ATH
However, new Glassnode the data has now revealed that the Bitcoin hashrate has now fully recovered from last year’s low and has also set out to set a new all-time high just two days into the new year. According to the data, the bitcoin hashrate is now at an all-time high of 208 million terahashes per second.
Bitcoin hashrate refers to the amount of computing power dedicated to minting new coins, security and checking transactions on the network of leading digital assets.
A higher hashrate usually means that there are more miners in the area who want to help protect the network; therefore, some analysts consider it a bull sign for the industry.
Bitfury says relocating miners is not responsible for growth
Speaking about how the industry managed to reject the negative sides of the previous year, the leading cryptocurrency mining company, Bitfury, in a statement for FT, stated that “the recovery can be attributed to the new generation of equipment coming online, not to the relocation of equipment from China.”
This means that although the relocation of many miners to new locations such as the United States or even Russia played a role in keeping the industry afloat during Chinese reconstruction, the recovery of space could also be largely related to BTC miners. attempt to expand the horizon.
The head of technology at Hut 8 Mining Corp., Jason Zaluski, further confirms this view because he said the Chinese ban only encouraged a “geographical shift”.
For example, while some Chinese miners are still struggling to get cheap energy for their data centers, Marathon Digital, an American mining company, discovered that its mining activities could reach a new high by the middle of this year when all of its Bitcoin miners are deployed in Texas.
At the time of printing, available data on CryptoSlate shows that the property has lost over 7% of its value in the last seven days.
It contains a summary of the most important daily stories in the world of cryptocurrencies, DeFi, NFT and more.
Take it edge in the cryptocurrency market
Access multiple crypto insights and contexts in each article as a paid member CryptoSlate Edge.
Join now for $ 19 a month Explore all the benefits