In 2022, the global hash rate reached an all-time high of 208 million TH/s. This is a massive increase above the July 2021 hash rate of 58.4 million TH/s. According to the data, bitcoin mining power has surged due to the Chinese crackdown.
In 2022, the global hash rate reached an all-time high of 208 million TH/s. This is a massive increase above the July 2021 rate of 58.4 million TH/s. According to the data, bitcoin mining power has surged due to the China crackdown.
The new year has seen an uptick in the bitcoin hash rate. The worldwide rate is currently 208 million terahashes per second, according to Glassnode statistics.
According to blockchain.com, the previous all-time high of 198.5 million terahashes per second was attained on April 15, 2021. The increase demonstrates that bitcoin has recovered from the hash rate drop caused by China’s crackdown on cryptocurrencies in 2021.
According to Bitfury, most of the recovery is due to “new generation equipment coming online,” rather than equipment transfer from China, which would have been too inefficient to run in other nations.
Beijing officials began examining local miners’ energy consumption in April 2021, sending notifications to data centers to obtain more information on cryptocurrency mining. China banned banks from selling bitcoin services in May 2021 and launched a comprehensive crackdown on mining activity. As a result, the hash rate fell progressively, reaching an all-time low of 58.4 million terahashes/s on July 21, 2021. This resulted in a price decrease to $29.79K. Before that, a peak of $62K price coincided with a surge in the worldwide rate on April 15, 2021.
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