More than a month after China cracked down on Bitcoin and crypto mining at home, the global network seems to be recovering with hash rate going up once again.
Based on analytics company YCharts data, Bitcoin has reached 115.71 EH/s as of July 27.
While the hash rate did drop to 106.7 EH/s on July 28, it has still marked an overall 82.5% increase since June, an important indicator for Bitcoin mining’s growth.
Following orders by China to shut down all crypto mining operations, miners began looking for new places to set up their businesses.
Many considered Kazakhstan and the US, with the former having much cheaper electricity prices. In the meantime, the US vowed to only allow Bitcoin mining that is supported by renewables.
Iran, which has been pumping a lot of its nuclear energy into mining, ordered citizens to stop mining as frequent brown-outs have plagued the country’s households due to insufficient energy.
In light of these events, Bitcoin observers are confident that the network is well on its way to recovery and that the currency is preparing to break new records, both in mining and pricing.
For starters, Bitcoin’s hash rate should continue to improve over the next year, and not least aided by next-generation mining machines from various companies that are becoming more powerful and energy-efficient.
Even without China, the Bitcoin network has found a way to adapt and if anything, not relying too heavily on a single jurisdiction is never good, even if China provided some unique conditions for miners.
In the meantime, you can still use Bitcoin for various recreational activities such as igaming. Visit 1xBit, Bitcasino.io, and FortuneJack to find out more.