Bitcoin Hashrate Is Approaching Full Recovery After China Crackdown

Bitcoin has been making headlines a lot this week after the king coin struggled to recover following the price correction.

At the moment of writing this article, BTC is trading in the red and the king coin is priced at $49,386.

It’s been just revealed that the Bitcoin hashrate, a measure of computing power on the network, has almost completely recovered to its level in May. That was when Chinese authorities started a crackdown on the industry.

CoinDesk notes that at the time, China was the biggest bitcoin miner in the world, accounting for 71% of the global hashrate, according to the Bitcoin Mining Electricity Index compiled by the University of Cambridge’s Centre for Alternative Finance.

“From May to June, the global hashrate roughly halved, data from mining pool shows, as Chinese miners went dark en masse to comply with government orders,” the online publication notes.

The same article highlighted the fact that since then it’s been increasing steadily as they set up operations overseas and North American miners deployed their mammoth operations.

“In the past three days the hashrate has averaged 182.83 exahashes per second, close to the May peak of 190.55 EH/s, data from shows.”

Bitcoin price predictions

There are all kinds of bullish Bitcoin predictions out there.

t’s been revealed that the widely followed crypto analyst said that there’s likely one technical catalyst that will send Bitcoin on a long-awaited parabolic rally.

The online publication the Daily Hodl notes that in a discussion with fellow crypto strategist Benjamin Cowen, pseudonymous analyst TechDev is showing a chart that he says hints when BTC will make a break into six-figure territory.

The same online publication notes that TechDev does the following:

“combines logarithmic growth curves with Fibonacci levels and lays them on top of a long-term Bitcoin chart with two-week candles.”

Stay tuned for more relevant news.

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I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.