The hashrate, or the computational power of the Bitcoin (BTC) network, is close to a full recovery after a massive migration of miners out of China following the ban on mining and other crypto-related activities in May this year. .
According to the latest data, the hash rate of the Bitcoin network has accelerated the most during the month of December, reaching more than 179.5 Ehash / s as of Thursday based on a 7-day moving average of the hash rate.
The reading is just shy of the all-time high before the 182.9 Ehash / s ban, which coincidentally came in just before the Chinese government forced miners there to shut down.
The hashrate is a measure of the computing power that goes into mining Bitcoin globally. The number dropped to 84.5 Ehash / s in July this year and has doubled since then, according to data from BitInfoCharts.
Following the sharp reduction in the hashrate coming from China, the mining difficulty on the Bitcoin network also saw a series of big drops, before a recovery began in early August.
And while miners have largely left China in search of greener pastures abroad, Bitcoin mining has become a booming industry in the US.
As early as August, the US had established itself as the epicenter of global Bitcoin mining, with 35.4% of the global hashrate coming from the country, according to estimates by the Cambridge Center for Alternative Finance.
In the meantime, CleanSpark, a publicly traded Bitcoin mining company in the US, is among the companies that have taken advantage of the Chinese ban to invest more in their North American operations.
The company said in an announcement today that it has purchased a new type of immersion cooling system for one of its mining facilities, which it expects to increase Bitcoin’s mining efficiency by at least 20%.
According to the firm, systems in which mining machines are completely submerged in coolants have been shown to “significantly increase” the hash rate of mining machines, while at the same time reducing energy consumption and extending the life of the mining machines. machines.
At 17:33 UTC, BTC was trading at $ 48,610, down 3% for the past 24 hours and 15% for the week.
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