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Bitcoin (BTC) hashrate recovers from Chinese miner exodus

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The Chinese miner exodus led to a sharp drop in the Bitcoin (BTC) network hashrate in the middle of the year. But the redistribution seems to be complete: computing power has returned to its previous levels.

Bitcoin hashrate back to old levels

The data aggregator Glassnode noted the trend yesterday. Bitcoin’s hashrate is currently at 175 Exahash per second (EH/s). This compares to an all-time high of 180 EH/s in May. Looking back over the year, the return to normal has been particularly fast

Bitcoin average hashrate growth (Source: Glassnode Studio)

Bitcoin average hashrate growth (Source: Glassnode Studio)


As a reminder, Bitcoin’s hashrate dropped by more than 50% when China banned mining of the cryptocurrency over the summer. This forced miners to shut down their machines, and much of the hashrate migrated to greener pastures.

Good news for network decentralization

It shows the resilience of the network to adapt to a major change. As a reminder, up to 65% of Bitcoin’s hashrate came from China in recent years. The latest figures available on the benchmark hashrate index are from August, but they show that the hashrate had already shifted significantly

Percentage distribution of hashrate (Source: CBECI)

Percentage distribution of hashrate (Source: CBECI)


It is also worth noting that the Bitcoin “flash crash”, which took place over the weekend, does not seem to have affected the hashrate. The hashrate reached 163 EH/s on November 4, while the BTC price was plummeting to $42,000.

Another sign of the undiminished interest of miners is the increase in the difficulty of mining. This has been rising for several months, with only one downturn on 28 November, when it was adjusted by -1.49%. But it is expected to rise again in two days, with BTC.com estimating a +3.66% increase.

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