Bitcoin’s Hashrate Comes Close to Recording New All-Time High Despite China’s Ban

  • 10/03/2021
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Alex Dovbnya

It took Bitcoin’s hashrate less than three months to rebound from China’s ban

Bitcoin’s hashrate, which shows the combined computational power of the network, spiked to 177.5 EH/s on Oct. 2, according to data provided by Blockchain.com.    

The closely-watched metric has managed to stage a stunning recovery after plunging in late June due to a slew of Chinese provinces moved to ban Bitcoin mining.

BTC
Image by blockchain.com

In early July, Bitcoin’s mining difficulty recorded a historic negative adjustment of 27 percent.   

China, which used to be the biggest hub for crypto miners, clamped down on the industry earlier this year to meet its emissions reduction targets.

The Bitcoin network reached its peak hashrate of 198.5 EH/s on Apr. 14, the day the cryptocurrency’s price hit its current all-time high of $64,804.

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