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In July, the Bitcoin hashrate suffered its biggest percentile decrease in the network’s history after China (which once accounted for 75% of Bitcoin’s hashrate) told banks to stop facilitating cryptocurrency transactions and issued bans on mining.
China’s crackdown on crypto mining sparked The Great Mining Migration, which saw mining firms move their operations to more favorable regions. Since the ban, Bitcoin has hit multiple all-time highs, seen more adoption from institutional investors, and even gained legal tender status.
Bitcoin Mining Hits New All-Time High
At the peak of its crypto adoption, many referred to China as a nation that dictated the pace and direction of the world’s largest cryptocurrency. However, the nation’s crackdown on mining led many mining firms to leave the country, and the global mining power of Bitcoin fell under 70 EH/s (exahash per second).
Despite the crackdown, the hashrate (mining power) has been steadily rising. The bloodbath over the weekend could not halt the climb, as the hashrate tapped 190 EH/s on Friday, December 3.
The Bitcoin mining hashrate continued to climb, and on Monday, December 6, peaked above 215.4 EH/s – a new record for the Bitcoin network.
The one-month Bitcoin Network Hashrate chart.
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