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Bitcoin's hashrate has reached a new all-time high

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Bitcoin's hashrate has reached a new all-time high

After plummeting in mid-April due to problems at some Chinese mining farms linked to a coal mine fire, it began to recover towards the end of the month and returned to previous levels in early May.

But the collapse of the hashrate in mid-April also generated a strong downward correction in difficulty in early May, allowing mining profitability to recover after falling in late April.

Therefore, it is not surprising that after the sharp drop in difficulty, a new little bitcoin mining fever was unleashed, leading to the hash rate hitting a new all-time high today at over 180 Ehash / s.

We must bear in mind that the record, before the mid-April crash, was just over 160 Ehash / s, making it an increase of more than 10% over the previous ATH.

Furthermore, what has happened since mid-April has prompted a process already under way of reduced share of hashrate residing in China.

Chinese website 8btc.com reports that the country is gradually losing its dominant position in the Bitcoin hashrate.

Many new miners are establishing farms in other parts of the world, but even some Chinese miners are moving abroad.

Recently, the dominance of the Chinese hashrate has declined significantly, so much so that the author of the article from 8btc.com, Iyke Aru, wrote:

"Perhaps this could be a good thing for the Bitcoin network in the long run, as it will make it more decentralized."

The Bitcoin hashrate in the world

Also, to date, it appears that around 11% of the Bitcoin hashrate is in the United States, while Canada it is also beginning to play a crucial role in this area.

On China, several factors hamper local mining farms, such as legislation that is hostile to cryptocurrencies and restrictions on meeting the country's electricity production and consumption commitments.

There are even rumors of a possible future boycott of currencies mined with polluting energy sources, leading to a slow migration towards the use of renewable energy by existing mining farms.

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