A month ago, the Chinese government decided to tighten the screws on local miners, causing the Bitcoin (BTC) hashrate to plummet. But the hashrate is on the rise again as miners relocate.
Bitcoin network hashrate is on the rise again…
According to data from BitInfoCharts, the hashrate, the amount of computing power used on the Bitcoin network, has been rising again for the past month. On June 28, the hashrate had reached a particularly low level, at 68 Ehash/s. The drop was very sharp, as the computing power had reached an all-time high of 197 Ehash/s a few weeks earlier.
This was triggered by the repression of the Chinese government, which cut off the power supply to local miners. As a reminder, in April 2021, local miners accounted for 46% of the Bitcoin hashrate.
The exodus of miners seems to be on the way to being resolved, as the hashrate is climbing again. Two days ago it reached a peak of 118 Ehash/s.
This seems to indicate that more and more miners have plugged in their machines to bring their computing power to the network.
… And the difficulty too
The consequence of this is that the difficulty of mining should increase again, after consecutive decreases in recent months. It had recorded its biggest drop in history at the beginning of July.
According to BTC.com’s estimates, the difficulty of mining is expected to rise by +5% tomorrow, after two months of strong declines. It should also be noted that the fall in the price of Bitcoin had contributed to this trend. The latter has surged in recent days, and is currently close to $40,000.
