Hash Rate for Bitcoin is now at an All-Time High Figure

It was the beginning of June when the price of Bitcoin experienced the worst plunge as its price fell all the way down to $28k per BTC. Although Bitcoin’s price managed to recover from an all-year low price, the damage had been inflicted to its hash rate.

According to on-chain data analyzing firms, the hash rate for Bitcoin had witnessed the worst dip for the entire year of 2021. The data reveals that the hash rate for Bitcoin fell all the way down to 84 (EH/s). 

It was the regulatory action against Bitcoin from China that resulted in the plunge. It was back in mid-May when the regulatory authorities in China launched a crackdown against the Bitcoin operations in China.

As China was responsible for generating the highest amount of hash rate for Bitcoin, the hash rate thus, took a lot of damage. From May until the end of July, the regulatory authorities continued with their attack on the Bitcoin mining operations in the country.

This eventually pushed the mining firms out of the country as they dispersed to look for a suitable location to continue their mining operations. As China was responsible for generating over 65% mining power for Bitcoin, the result was obvious. 

Surprisingly, the mining firms in China had already seen it coming as they were ready since 2017 when China banned cryptocurrencies in the country. Therefore, the mining firms relocated to suitable areas by the end of June. 

In the following months, the mining rate for Bitcoin only grew higher and as of now, the mining rate has increased tremendously. The data shows that as of now, the mining rate for Bitcoin has grown all the way up to 175 EH/s. It is a demonstration of the hash rate growing more than 108% since June. 

When it comes to Bitcoin’s highest achieved hash rate, it successfully achieved a hash rate worth 180 EH/s back at the beginning of May. As of now, Bitcoin’s mining rate is 3% less than the highest hash rate that it had achieved. 

According to Bitcoin’s hash rate trends, it tends to pick up when the price of Bitcoin demonstrates a gradual growth. Crypto trading However, the recent hash rate demonstration of Bitcoin is higher even when the price of Bitcoin is not even close to its peak prices.

This goes to show that the Bitcoin mining sector still has positive sentiments surrounding the price of Bitcoin. This is the reason why the mining rate for Bitcoin is rising despite the rise and fall in Bitcoin price. Even when the crypto signals are not in favor of Bitcoin, the investors are investing in Bitcoin. 

Although Bitcoin price is currently hovering between the $48k and $50k price benchmark, the investors are still not losing their bullish sentiments for Bitcoin.

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