Bitcoin’s hashrate has reached a new all time high after surpassing levels last seen in April 2021, before China’s crackdown on crypto miners.
Hashrate refers to the amount of energy being used by miners in the Bitcoin network to validate transactions and create new coins.
According to glassnode the hashrate plummeted from highs above 190 exahashes per second in April 2021 to lows of 61 exahashes per second in June after China, home to just under half of the Bitcoin network’s power, declared a crackdown on crypto mining.
On 01 January miners were using over 210 exahashes per second, setting a new network record.
The recovery is seen by some engineers as a testament to the resilience of the network following China’s crackdown, which forced bitcoin miners to migrate to crypto friendly jurisdictions including the US, Kazakhstan and Russia.
In comments first reported by CoinDesk Jameson Lopp said that “weathering and completely recovering from a 50%+ drop due to a mining ban by the country with the most hashpower was a major milestone for network resilience.”
Bitcoin’s is currently trading at $47,527 down by 6.5 per cent over the past seven days.