After the suppression and prohibitive policy of the Chinese government, one of the biggest economic powers in the world, towards Bitcoin and cryptocurrency mining, the Bitcoin hash rate experienced serious decreases.
The Bitcoin hash rate, which dropped by about 65% in late June due to the bans, started to recover. Because the miners who left China after the bans of China started to continue their activities in miner-friendly countries.
According to data from on-chain data provider Glassnode, the Bitcoin hash rate has returned to pre-crash levels.
Glassnode data shows that the hash rate measured on December 8 is just 4% behind the all-time high of 180 EH/s seen in May.
According to Glassnode data, the current hash rate was measured as 172 EH/s. This current rate represents an increase of approximately 93% from the low of 93 EH/s at the end of June.
According to the Bitcoin mining map updated by Cambridge University (CBECI) in August, it is understood that China did not contribute to the global Bitcoin hash rate after the mining bans.
According to the new data of CBECI, the USA is the leader with a total hash rate of 35.4%, while Kazakhstan is in the second place with a hash rate of 18.1%, and Russia is in the third place with a hash rate of 11.23.
Again, according to data from Cambridge University, the Bitcoin network consumes 126.5 terawatt-hours (TWh) of energy per year. This means that the amount of energy that Ukraine consumes annually is almost the same.
*Not investment advice.