Bitcoin has now seen a dramatic recovery in its hashrate since China had carried out its crackdown about half a year ago. The hashrate had dropped significantly when the region had made crypto mining activities illegal and had chased miners out of the country. China, then known as the bitcoin mining capital of the world, had hosted about 70% of mining activities.
Following the crackdown, the mining hashrate from the region crashed to zero. This had greatly affected the mining community which had scrambled to find new homes for their mining farms. Now, five months later, most of the miners have resettled into other parts of the world and mining hashrate has recovered, soaring to new highs in the process.
