• Despite China’s ban, Bitcoin’s hashrate is on the verge of setting a new all-time high

  • According to Blockchain.com, the hashrate of Bitcoin, which represents the network’s combined computational power, peaked at 177.5 EH/s on Oct. 2.

    After plummeting in late June due to a slew of Chinese provinces moving to ban Bitcoin mining, the closely watched metric has staged a stunning recovery.

    Early in July, Bitcoin’s mining difficulty experienced a historic negative adjustment of 27%.

    China, which was once the largest hub for cryptocurrency miners, cracked down on the industry earlier this year in order to meet its emissions reduction targets.

    On April 14, the Bitcoin network reached its peak hashrate of 198.5 EH/s, the day the cryptocurrency’s price reached its current all-time high of $64,804.

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