Bitcoin Hashrate Nearly Higher Than Ever Despite Dip

Bitcoin’s hashrate has set its sights on a record after a massive dip due to a massive ban.

The ban on Bitcoin mining in China was a potentially disastrous event for the entire crypto market. The majority of all miners were taken offline practically overnight due to the ban. That caused a significant dip in the amount of computing power invested in mining Bitcoin, called the hashrate. But after that dip it looks good again; the hashrate for the largest crypto coin is almost higher than ever.

Bitcoin hashrate is going well

Since its ban in China, it appears that numerous other sources have assisted the hashrate of the cryptocurrency. At the time of writing, we are only down 3.2% from the highest Bitcoin hashrate ever. That record was set in May of this year. Then a hashrate of over 197 exahash was noted. Now, after a gigantic dip to around 69 exahash, that has climbed all the way back to more than 191 exahash.

In short, Bitcoin has withstood an attack from the largest miner in the world. China made the average crypto enthusiast quite nervous with the ban, but now it appears that the coin was able to recover within a few months.

The flip side of this, of course, is that Bitcoin will once again require just as much power as it was earlier this year; the short dip has undoubtedly given many climate-conscious people some peace of mind. But to see the glass as half full; China isn’t too worried about green energy, so even if Bitcoin’s hashrate has fully recovered, the impact on the climate has probably decreased!