• About
  • FAQ
  • Landing Page
  • Buy JNews
Toraja Cyber News
  • Home
    • Home – Layout 1
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • Contact Us
No Result
View All Result
  • Home
    • Home – Layout 1
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • Contact Us
No Result
View All Result
Toraja Cyber News
No Result
View All Result
Home Bitcoin

Bitcoin hashrate recovers after miner migration in China

torajacybernews by torajacybernews
May 1, 2021
in Bitcoin, Blockchain, Guide, Market
0
Bitcoin hashrate recovers after miner migration in China
194
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

Although many call the recovery of the Bitcoin hashrate slow, everything indicates that it will reach the pre-accident limits in China.

The computing power or hashrate of the most important of digital currencies, Bitcoin, is slowly beginning to recover. The event is due to the move of the main farms in Xinjiang province to Sichuan. It should be remembered that an accident recently occurred in Fengyuan, the main power plant in the first of these regions.

The event, which occurred at the beginning of April, has also uncovered a series of criticisms against the so-called “dirty energy”. The mine, as reported by numerous media, is powered by coal, which makes it a target of attacks by environmental groups.

Other factors would have directly influenced the pioneering cryptocurrency’s hash power drop. For example, the multiple inspections in some of those provinces in the northeast of the Asian country. Although they were not directed against Bitcoin mining, they affected it in a significant way.

As its hashrate recovers, the price of Bitcoin returns to an upward trend


One of the most striking aspects of the fall of the Bitcoin hashrate due to the aforementioned events, was the fall in the price of that cryptocurrency. Bitcoin’s hash power, after hitting an all-time high, plummeted to 98 EH / s. This fall dragged down the value of the digital currency, which fell from a peak above $ 62,000 to approximately $ 47,000.

The fall in the price of the currency puzzled investors and the slump in prices was expected to last. However, Bitcoin’s bull run, which lasts for several months, continued after the reasons for the loss of the hashrate became known.

After this, it was a matter of time for the price of Bitcoin to rise to the same extent that investors continue to accumulate. In this way, CoinDesk reports, the movements of some mining centers began from Xinjiang, the site of the accident, to the province of Sichuan. This migration has allowed the Bitcoin hashrate to continue to recover.

This rise in the computing power of digital currency, although progressing unstoppably, is considered by some to be “slower than expected.” In this sense, Liang Da, from F2Pool, stated in the aforementioned portal that the miners are reactivated in a very passive way.

Inspections come to an end


The other aspect that has allowed the Bitcoin hashrate to continue to regain its strength is the end of the inspections. Thus, the authorities of the People’s Republic of China carried out a series of inspections and maintenance of coal-fired plants in some provinces. Among these regions, those where the largest number of mining farms of the most important of the cryptocurrencies in capitalization are concentrated.

According to reporter Wu Blockchain, “security inspections in northwest China have basically concluded.” At the same time, the hash power of Bitcoin begins to recover. In the same order, Wu emphasizes that “the inspections were not aimed at the mining industry in particular”, however, they affected it considerably.

It is important to note that, although the recovery of the hashrate continues safe towards the limits before the accidents, it is still far from the goal. According to Bitinfocharts, the hash power of Bitcoin stands at around 145 EH / s, indicating that there is about 25 or 30 EH / s left to speak of a full recovery.

Parallel to this, the price of Bitcoin also recovers. At the time of writing the quote per currency is $ 54,500 USD.

  • Trending
  • Comments
  • Latest
Paypal Co-Founder: Bitcoin Could Be a “Chinese Financial Weapon”

Paypal Co-Founder: Bitcoin Could Be a “Chinese Financial Weapon”

April 8, 2021
Mercado Libre will allow you to buy real estate with Bitcoin

Mercado Libre will allow you to buy real estate with Bitcoin

May 1, 2021
Ethereum miner will have 3 GH / s of hash

Ethereum miner will have 3 GH / s of hash

May 1, 2021
Paxos exceeds USD 2,400 of valuation after new investment round

Paxos exceeds USD 2,400 of valuation after new investment round

May 1, 2021
A ‘growth hacker’ uses cryptocurrencies to help homeless people

A ‘growth hacker’ uses cryptocurrencies to help homeless people

0
DeFi’s Total Locked Value Breaks New Record As BSC-Powered Protocols Totaled Billions

DeFi’s Total Locked Value Breaks New Record As BSC-Powered Protocols Totaled Billions

0
When will the ‘altcoin season’ happen? Now, says one analyst as Bitcoin’s dominance hits a 6-month low

When will the ‘altcoin season’ happen? Now, says one analyst as Bitcoin’s dominance hits a 6-month low

0
Institutional participation in cryptocurrencies reaches lowest levels since October

Institutional participation in cryptocurrencies reaches lowest levels since October

0
Sony WH-1000XM5 Review

Sony WH-1000XM5 Review

May 22, 2022
The best external hard drives in 2021

The best external hard drives in 2021

November 24, 2021
Xiaomi MIX 4 Review

Xiaomi MIX 4 Review

November 17, 2021
The best medical center for eye surgery in Iran

The best medical center for eye surgery in Iran

November 8, 2021

Recent News

Sony WH-1000XM5 Review

Sony WH-1000XM5 Review

May 22, 2022
The best external hard drives in 2021

The best external hard drives in 2021

November 24, 2021

Categories

  • Bitcoin
  • Blockchain
  • Business
  • Ethereum
  • Guide
  • Market
  • Promotion
  • Regulation
  • Review
  • Ripple
  • Uncategorized
  • About
  • FAQ
  • Support Forum
  • Landing Page
  • Buy JNews
  • Contact Us

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Contact Us
  • Homepages
  • Business
  • Guide

© 2022 JNews - Premium WordPress news & magazine theme by Jegtheme.