Mining, which has been hit hard after the Chinese government’s prohibitive regulations on Bitcoin mining, has started to recover.
In many regions of China, Bitcoin miners were blocked from accessing energy and many mining pools had to shut down. During these shutdowns, Bitcoin’s hash rate suffered sharp drops.
About 3 months after Bitcoin miners started to leave China, one of the largest economies in the world, the hash rate fully recovered and tested its peak again according to different metrics.
While some sources say that the all-time high of 198 EH/s, measured on April 15, has not been exceeded yet, some sources say that it has surpassed the highest level measured, and the new hash rate is measured as 200 EH/s.
Since the mining power spent on the Bitcoin network is difficult to measure, it cannot go beyond estimation. For this reason, there can be quite different hash rate estimates from each other.
It is thought that the pools that became active in different countries after the Chinese bans were effective in the recovery of the Bitcoin hash rate in such a short time. In addition, the high hash power of new mining devices is also considered to be effective.
Although the hash rate is not a metric directly related to price, it is interpreted as a positive data for the price as it means that the demand for the network and the security of the network increase when it is high.