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

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Sun, 10/03/2021 - 11:34
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Alex Dovbnya
It took Bitcoin's hashrate less than three months to rebound from China's ban
Bitcoin's Hashrate Comes Close to Recording New All-Time High Despite China's Ban
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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

Related
China's Central Bank Says All Crypto-Related Transactions Are Illegal, Bitcoin Plunges 5 Percent
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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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.