Despite the cryptocurrency industry’s struggle to achieve $1 trillion in market value, Bitcoin’s (BTC) mining power continues to develop and reaches new heights apparently every week.
Indeed, the Bitcoin hash rate has achieved a new high, double the lows it experienced during the China mining ban, according to Reflexivity Research, crypto research and proprietary trading organization.
According to statistics from Blockchain.com, Bitcoin’s mining power reached 248.826 million terahashes per second (TH/s) on October 5, just a few days after Finbold revealed its last all-time record (and a little over a week before that).
Notable is the fact that Bitcoin’s hash rate decreased to a low of 86.292 million TH/s on July 2, 2021, during the highly known crackdown on cryptocurrencies by the Chinese government, which resulted in a countrywide ban on crypto mining.
The current rise in miner confidence may be linked, in part, to investors leaving fiat currencies like the euro and pound in Favour of crypto assets like Bitcoin and Ethereum (ETH), which has led to a three-month high in Bitcoin trading volume and a steady growth in the number of Bitcoin holders.
As a reminder, China’s ban on cryptocurrencies was implemented in phases, beginning in May 2021 when the government forbade financial institutions from participating in cryptocurrency trading. In June, it essentially outlawed domestic cryptocurrency mining.
According to Finbold, despite the mining prohibition, evidence from June 2022 indicates that approximately 100 Bitcoin nodes safeguarding the Bitcoin network were still operational in China at the time. As of press time, there were 78 nodes, according to statistics from Bitrawr.
Interestingly, the crackdown and ban on all crypto-related services have not prevented China from ranking among the top ten countries in the adoption of digital assets, with an index score of 0.535 placing it in the tenth position (up from the thirteenth place last year) among all countries in crypto adoption.
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