Bitcoin’s hashrate has fully recovered in just six months after the world’s second biggest economy prohibited industrial bitcoin mining this summer.
That led to a fall of circa 75% from about 190 exahashes a second (EH/s) to a low of 58 EH/s on June 27th.
Since then however the hashrate has only seen up, with the bitcoin network once again now operating at 190 EH/s.
Despite this huge fall in hash, the network kept operating largely as normal throughout. So passing a significant test in regards to bitcoin’s ability to operate when the hardware comes under considerable stress.
The speed of six months for a full recovery is probably what one would have expected as it was an isolated event affecting just one country.
China however may have had 3/4th of all production capacity, with it now thought to have close to zero as industrial miners moved operations.
This also affected bitcoin’s price during summer as miners might have required new capital to fund the relocation, with it also recovering to a recent high of $70,000 before now trading at $49,000.
So closing a chapter in this space with the once dominant China now irrelevant as bitcoin goes on to thrive without it in just six months.