фото показано с : invezz.com

China announced a ban on cryptocurrencies earlier this year, which caused a major disruption to Bitcoin mining activities. Mining firms in China were forced to shut down, which prompted them to seek overseas locations to establish new mining facilities.

Currently, Bitcoin mining has fully recovered from the Chinese crypto ban, as depicted from the mining hashrate that now sits at an all-time high.

After China banned Bitcoin mining activities earlier this year, 50% of the world’s miners went offline. Before this ban, China accounted for the largest Bitcoin mining hashrate. The hashrate is a terminology used to describe all miners’ total amount of computing power in the Bitcoin network.

Data from Blockchain.com shows that the Bitcoin network has fully recovered from the losses made in May after the Chinese ban. The mining hashrate has increased by around 113% during the past five months.

One of the overseas locations that have been preferred by most miners is the US. The US now accounts for the largest mining hashrate, and it has attracted some of the largest mining companies.

One of the largest Bitcoin mining facilities in the US is Foundry. After the Chinese ban, the company migrated more than $400 million worth of mining equipment to North America. According to an executive of the company, Kevin Zhang,

Bitcoin withstood a nation-state attack of China actually banning mining, and the network shrugged it off.

After Bitcoin mining was dealt a harsh blow by China, no analyst predicted that the network would have fully recovered by the end of the year. According to Marshall Long, the head of architecture at Rhodium Enterprises, the full recovery of Bitcoin mining was a surprise.

“I figured we would be here sometime in late January, early February,” he stated. Some analysts had even predicted that a recovery in Bitcoin mining would take more than a year.

As aforementioned, the US has become one of the largest Bitcoin mining locations globally regarding the mining hashrate. Before the Chinese crackdown, the US accounted for around 16.8% of the Bitcoin mining hashrate. This has since increased to around 35.4%. 

The US has attracted many miners because of the country’s access to renewable energy sources such as solar and wind energy. Texas has an abundance of renewable energy, making it the leading US state in terms of Bitcoin mining.

The other country also ranking as a top Bitcoin mining hub is Kazakhstan. The country currently stands as the second-largest Bitcoin mining hub with a mining hashrate of around 18.1%. This is a huge increase from June’s 8.8% mining hashrate.

The post Bitcoin mining fully recovers from Chinese ban after mining hashrate hits all-time high appeared first on Invezz.

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