China’s miner exodus proves healthy for hash rate

Team Luno
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The hash rate has made impressive gains after its initial drop, clawing back 82.5% of losses sustained after China’s ban on miners, according to YCharts. Although it hasn’t returned to previous highs just yet, experts believe the uptick bodes well.

 

Bitcoin’s hash rate—the unit which measures the processing power of the Bitcoin network—hit an all-time high in April, but fell dramatically when Chinese authorities across several provinces issued shutdown orders. This forced miners to set up elsewhere, with many relocating to regions with cost-effective energy usage such as the USA and Kazakhstan.

 

According to mining giant Slush Pool’s Edward Evenson, “over the next difficulty adjustments for the rest of the year, we can expect a slow and steady increase in the global network hash rate and, thus, an increase in Bitcoin mining difficulty.”

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On our way to the moon, we write about all things crypto. And don’t forget we’re humans too. Our blog conveys the views of Luno and the many unique opinions and characters within our team. We’ll never provide you with financial advice, and we urge you to conduct your own research before purchasing or trading any cryptocurrencies. It’s a brave new world out there, and the market can be volatile at times, so never trade with funds you can’t afford to lose. Want to let us know how much you love our blog? Tweet us @LunoGlobal.

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