Bitcoin (BTC) has almost eliminated all traces of the mining ban that has reduced the hash rate by 50% this year.
According to the latest estimates, network hashrate has returned to levels since May, before China banned the bitcoin mining industry.
Hash rate recovers errors
Five months after the start of the largest migration in Bitcoin history, the fundamentals of the network are suddenly back.
With miners on the move and restarting, he is now approaching a tipping point to restore the hash rate and network complexity.
Although it is impossible to measure accurately, the hash rate appears to be the reason for the failure of China entirely, doubling from the lowest level a few months ago.
Similarly, the mining difficulty level will grow by 5.7% next week, rising to 4 trillion from 25 trillion.
In addition, Bitcoin will provide the eighth increase in difficulty in a row – the first time this has happened since 2018.
“The hash rate has been higher than today for only 6 more days in history,” Charles Edwards, founder of the investment firm Capriol, wrote in related comments.
“We’re striving to achieve new levels of network security. It’s unbelievable.”
Bitcoin hash chart. Source: Blockchain.com
Bitcoin is up 50% since May, while sources suggest that China may start to regret the decision.
Miner retest warnings
Meanwhile, another analysis of the data questioned the sustainability of the current Bitcoin price movement.
Related: The Stunning $3.2 Billion Bitcoin Options Expiring Friday May Lead Another Rally
After BTC/USD fell to $58,000, the miners’ cost coverage figures indicated a possible local peak based on historical patterns.
But in recent months, miners have been slow to sell their earned coins, and the trend continues.