Latest BTC hash rate erases traces of China’s mining ban

The latest BTC hash rate removes the traces of China’s mining ban as the network fundamentals take care of their own recovery, as we can see on our latest bitcoin news today.

Bitcoin erased the traces of the mining ban, causing the hash rate to drop 50%, with the latest BTC hash rate rising and levels making a big comeback in May. As miners relocate, the hash rate recovery and network difficulty recovery nears the crux of the matter. While impossible to definitively measure, the hash rate is responsible for all of China’s decline and has more than doubled since it bottomed out a few months ago.

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Likewise, the mining difficulty is expected to increase 5.7% next week, rising to 4 million from a record high of 25 trillion. Bitcoin will also increase the difficulty level 8 times in a row, for the first time in 2018. Charles Edwards, founder of investment firm Capriole, wrote:

“The hash rate is only higher on only 6 other days in history than it is today. We are reaching an all-time high in cybersecurity. It’s incredible.”

Bitcoin is up 50% since May, while sources suggest China may regret its decision. Meanwhile, other data analysts have questioned the sustainability of the current BTC price action, and it comes after BTC / USD fell to $ 58,000 on metrics including mining costs, the declines have peaked locally based on historical models. Miners have been in no rush to sell these hard-earned coins for the past few months, which is an ongoing trend.

As recently reported, the impact of China’s ban on cryptocurrencies is profound as new data shows that more than 20 crypto companies have been forced to leave the country or cease services to Chinese users. According to a report by the China Securities Journal, the crypto companies forced to shut down include exchanges like HuoCoin, BIKI, BHEX, Binance, etc. More than 20 virtual currency-related companies have announced that they will be making the provision China will discontinue appropriate services for users and will withdraw from the Chinese market entirely.

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