Bitcoin hash rate breaks new all-time high
The Bitcoin hash rate is back at a new all-time high having made its way back from the China mining ban which took place back in the summer.
Over the past five months the network has risen by over 114%, and is now as strong as ever, following the more than 50% fall which took place as the Chinese government cracked down on the industry.
China’s loss has been North America’s gain.
Publicly traded American companies saw their revenue levels rise significantly, as they added Bitcoin to their balance sheets without having to increase hash rate capacity.
We will look back at China’s ban on BTC mining as one of the greatest things to ever happen to Bitcoin.— Yassine Elmandjra (@yassineARK) December 10, 2021
With hash rate fully recovered, the “China controls Bitcoin” narrative can finally be put to bed.
China did not ban Bitcoin mining. China banned itself from mining Bitcoin.
The recovery that began in August only highlights the strength of the Bitcoin network.
Its ability to stand up to a major threat and then to thrive is something its proponents have always maintained the network was designed to do.
“Bitcoin withstood a nation-state attack of China actually banning mining, and the network shrugged it off,” said Kevin Zhang of digital currency company Foundry, which helped bring over $400 million of mining equipment into North America.
The hash rate describes the computing power of all miners on the Bitcoin network.