Bitcoin defeated China – How it Fully Recovered the Hashrate losses

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The upward momentum of the hashrate can omen for the price of the most popular cryptocurrency in the world, which has fallen by 30% in the last month

The data shows that Bitcoin mining has fully recovered since the Chinese… suppression, with which in May literally in one evening more than half of the miners worldwide were shut down.

The recovery is measured by hashrate, which is a unit of measurement of the processing power of the bitcoin mining network. As CNBC reports, China has long been the epicenter of this industry, with earlier estimates indicating that 65% to 75% of global bitcoin mining took place there.

Bitcoin defeated China - How it Fully Recovered the Hashrate losses
Bitcoin Hashrate – Source: blockchain.com

Since Beijing banned cryptocurrency mining, there has been a reduction of more than 50% in bitcoin hashrate on the global network.

However, since Friday, data from the Blockchain.com show that the network has fully “accumulated” these losses, since the network’s hashrate has increased by about 113%, within 5 months.

“Bitcoin withstood the crackdown of China, which in fact banned mining, and the network repelled it,” said Kevin Zhang of digital currency company Foundry, which helped transport more than $400 million worth of mining equipment in North America.

The upward momentum of hashrate may turn out well for the price of the world’s most popular cryptocurrency, which has fallen by 30% in the last month.

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