BTC hash rate recovers from China’s recent mining crisis Cri

BTC hash rate has bounced back after China’s recent crackdown on mining, but things are not back to normal yet as we can see more in our latest bitcoin news.

Chinese miners have had to move following the government crackdown on cryptocurrencies, so it will take time to reverse any negative impact China’s policies have had on the global cryptocurrency market. The BTC hash rate rebounded and rose nearly 5% overnight according to the graph, now back to 104 EH / s on the network, which is an indicator of a slow rebound from a tough crack that China most of its miners sent offline. The initial hash rate dropped 17% last week after the state shut down in Sichuan, a province popular for mining operations due to an abundance of cheap hydropower. The contract ended with the closure of 26 mining farms.

Bitcoin has rebounded well as many miners moved to North America and Kazakhstan, although the network hash rate is still lower than it was at that time last year. Chinese blockchain journalist Colin Wu tweeted:

“People think it will be difficult to come back [its former level of] 130E for half a year unless China’s policy is relaxed “.

Bitcoin’s hash rate is slowly starting to rise and some Chinese miners are starting to land in Kazakhstan and North America, but it is not expected to return to 130E in half a year unless Chinese policies are eased. pic.twitter.com/EQp29iumOz

– Wu-Blockchain (@WuBlockchain) June 26, 2021

Since Wu’s tweet, Bitmain’s own Chinese mining farm Antpool has dropped 1200 PH / s and has given top spot to another pool called ViaBTC. For Wu, the number suggests a link between cryptocurrencies and Chinese political decisions, and he said:

“We cannot underestimate the influence of China on the crypto industry.”

The current raid began in mid-May when three domestic payment associations reiterated their support for a 2017 central bank ban on financial firms from entering into transactions. $ 30,415. Despite the breaking news, BTC is far from bouncing back to its previous ATH of $ 64,800.

As recently reported, Bitmain technology has suspended sales of its mining equipment and the sales suspension comes amid a crackdown on mining in China. Bitmain Technologies as one of the largest BTC mining equipment manufacturers in the industry has decided to suspend BTC miners’ sales a few days after China’s crackdown on the entire industry. Bitmain said a day ago that Bitmain stopped selling machines after the price of mining machines fell 75%. It is believed that a combination of factors led to this change, such as: Colin Wu is a cryptocurrency journalist based in China who reported that miners who shut down old machines on the machines they sell are affecting Bitmain’s sales.

.