Bitcoin mining has really recovered from China’s crackdown. Recovery is measured by looking at the hashrate, a term used to describe the computing power of all the miners on the bitcoin network.
China has long been the center of the industry, with previous estimates suggesting 65 percent to 75 percent of the world’s bitcoin mining takes place there. However, after Beijing effectively expelled cryptocurrency miners in the country in May, more than 50 percent of bitcoin hashrates dropped from the global network.
Bitcoin mining has really recovered from China’s crackdown. Recovery is measured by looking at the hashrate, a term used to describe the computing power of all the miners on the bitcoin network.
China has long been the center of the industry, with previous estimates suggesting 65 percent to 75 percent of the world’s bitcoin mining takes place there. However, after Beijing effectively expelled cryptocurrency miners in the country in May, more than 50 percent of bitcoin hashrates dropped from the global network.
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As of Friday, data from Blockchain.com showed the network had fully mitigated those losses. The network’s hashrate is up about 113 percent in five months.
“Bitcoin is withstanding the onslaught of the Chinese nation-state which completely bans mining, and the network ignores it,” said Kevin Zhang of digital currency firm Foundry, which helped bring more than $400 million of mining equipment to North America.
The upward momentum in hashrate may bode well for the price of the world’s most popular cryptocurrency, which is down 30 percent over the past month.
As half of the bitcoin network went black this spring, many experts said that miners would be back online in North America. Many predictions were also made about the timeline for returning the network to its previous highs. No one expected this condition to improve at the end of 2021.
“I think we’ll be here sometime in late January or early February,” said Texas miner and bitcoin engineer Marshall Long.
Meanwhile, according to Kevin Zhang of digital currency firm Foundry, the rapid recovery of the bitcoin network is happening because the US is laying the groundwork to become a new mecca for mining. Zhang said that in the United States.
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“There is a huge appetite for growth, building infrastructure, and harnessing stranded forces,” Zhang said.
US Becomes Destination
US company. have been quietly increasing their hosting capacity over the years. Bet if adequate infrastructure is in place, miners will set up shop in the US when the time is right. As bitcoin crashed in late 2017 and the broader market entered a multi-year crypto winter, there was not much demand for bitcoin mining on a large scale.
“Big, publicly traded miners are able to raise capital to make big purchases,” said Mike Colyer, Foundry CEO.
Despite the global pandemic shutting down large parts of the economy, government stimulus is proving lucrative for US mining companies.
“All the printing of money during the pandemic means it takes more capital to deploy,” said bitcoin mining engineer Brandon Arvanaghi.
“People are looking for a place to park their money. The desire for large-scale investments has never been this great. Much of it is most likely found in bitcoin mining operations in places outside of China,” Arvanaghi continued.
The gamble paid off. Data from the University of Cambridge shows the US is now the number one destination for bitcoin miners, surpassing China for the first time.
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