Following China’s ban on cryptocurrency mining Bitcoin (BTC) it had seen a 50 percent drop in the hash rate. However, according to the latest information obtained, it seems that all traces of this situation have been erased. According to the latest estimates, the network hash rate has returned to the levels in May, which were its levels just before China banned Bitcoin mining activities.
China’s Tracks Have Been Erased
Bitcoin five months after the start of the largest migration in its history, network basics has made a big comeback. The improvement in the hash rate and network difficulty that comes with the ups and downs as miners change places and activities resume is now approaching a vanishing point.
Although it is impossible to measure it in exact terms, the hash rate seems to have doubled from its lowest level a few months ago, erasing the traces of the entire Chinese fiasco. Similarly, the mining challenge is also expected to increase by 5.7% next week.
In October, Charles Edwards, founder of the investment firm Capriole, commented on the issue, “The hash rate has been higher than today for only 6 more days in history. We are setting new all-time records in network security. This is an amazing thing.” he used his words.
In some statements made at this point, it is also stated that China may regret its decision in the coming times.
Can Trends Be Reversed?
In addition to october situation, some other data analyses are available Bitcoin price he questions the sustainability of his movement. Figures showing miner costs may have reached a potential local peak after Bitcoin fell to $58,000.
Therefore, the fact that miners start selling to cover their costs may cause a sales pressure to occur in the market.