Following China’s mining restriction, the bitcoin network’s computational power and transaction hash rate increased 80%. As experts point out, this isn’t the end. New spectacular growth and the establishment of an all-time high (ATH) are both possible soon.
Bitcoin has made it until the year 2021. In the face of a dip in hash rates in May and June this year, it has shown persistence and resilience. Remember that after China banned cryptocurrencies and mining, the bitcoin network’s computing power dropped to 84.79 EH/s.
The hash rate has improved during the last five months. It is currently at 156.6 EH/s at the time of writing. A new maximum will be set if the hashing power grows by 16 percent. Early December is the most likely timeframe. This is according to Kraken Intelligence analysts.
When miners traveled in masse from China, transporting equipment to jurisdictions more friendly to mining, hashrate growth began. Many people traveled to the United States, Russia, and Kazakhstan. According to the experts’ report, there have been nine consecutive rounds of hash rate increases since July 2021, resulting in a 65.8% increase in mining difficulty.
The rise of the hash rate is an essential metric. This is evidence of miners’ belief in the future of cryptocurrencies, as well as a motivation to earn significant sums of money while ensuring the blockchain’s stability. As a result, bitcoin has once again proven that it is in excellent hands, according to a study from the crypto exchange Kraken’s analytics service.