The Bitcoin network hash rate is near complete recovery from China’s ban & close to a new ATM

The Bitcoin hash rate has showcased deep resiliency since the Chinese bitcoin mining ban, having climbed over 80% in five months to get close to its previous highs.

When the country with the largest share of Bitcoin hash rate at the time began enforcing nationwide efforts to crack down on the industry, a considerable amount of miners were forced offline. As a result, the Bitcoin network total hash rate plummeted to 84.79 exahashes per second (EH/s) in early July, per Coin Metrics data. The metric has since recovered almost completely, and at the time of writing, sits at 156.6 EH/s  less than 16% away from a new all-time high. It has retracted from a local top made at 167.18 EH/s on November 17.

“On-chain data shows that computational power deployed to the network is likely to continue heading higher and might hit a new all-time high in early December,” according to a Kraken Intelligence report. “While many expected hash rate to hit an all-time high at the tail-end of December, the network is now pacing to beat expectations amid an ongoing surge in demand from miners.”

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