Bitcoin network hash rate has been restored and reached the levels of early June. This increase indicates that the miners have returned to the network after the mining ban in China.
to the Report The Bitcoin Telegraph, the Bitcoin network hash rate, has recovered significantly since its collapse following a mining ban in China earlier this year.
Data from the analytics company CryptoQuant show that the bitcoin hash rate has now reached 150 exhaches per second or quintillion hashes per second.
On August 24, the cryptocurrency reported a bitcoin hash rate of 152 exacerbations per second, which tripled from its lowest level of 52 on June 28. Recovering bitcoin hash rates means that the network has become more secure and more difficult to attack.
According to Bitinfocharts data, the average bitcoin hash average, or the same amount of processing power of this network, on May 13 (May 23) reached a historical record of 197.6 exacerbations per second. Over the next six weeks, the bitcoin network hash rate dropped by more than 65% as miners across China were shut down for large-scale migration.
This criterion is now close to the levels of early June (June) and if this trend continues, it can reach a new record in the next few months.
In early May, the Coin Telegraph reported that there was still evidence that Hash Rit had left China. Details of the migration are difficult to obtain, as the Cambridge University mining map has not been updated since April, when it was reported that 65% of the bitcoin network hash was in China.
Measuring hash data by mining pools is also inaccurate, as many pools combine the hash power of physical infrastructure and miners around the world to collect computing resources.
Bitcoin hash rate recovery indicates that the migration of miners is over. This has increased the difficulty of the network. In the last adjustment of the network hardness on August 13 (August 22), this criterion increased by 7%. Increasing the difficulty of the next network means increasing the computational costs for the miners, as most of the miners who were previously in China return to the network and compete for the reward of block mining. The current estimate predicts a 12.37% increase for the next network stiffness.
While immigration operations ended in June and July (June and July), miners previously operating in countries such as the United States were able to make more profit during this period due to reduced hardship.
Riot Blockchain, a mining farm in China, reportedly reported an unprecedented bitcoin mining income in the second quarter of this year.